Covestro AG CEO Patrick Thomas will retire on 31 May to hand over the position to chief commercial officer Markus Steilemann.
Thomas had already announced his retirement decision in May 2017 and his contract was due to end on 30 September.
“Ever since Covestro became independent in 2015, the company achieved record results continuing its profitable growth path until today,” said Richard Pott, chairman of the supervisory board, commenting on Thomas’ performance.
Thomas has been CEO of Covestro and its predecessor Bayer MaterialScience since 2007.
Prior to that, he held various positions across the chemicals industry.
Thomas has been taking leading roles in numerous industry associations such as European Chemical Council (Cefic), World Plastics Council (WPC) and Verband der Chemischen Industrie (VCI).
Furthermore, he was president of PlasticsEurope from 2011 to 2017.
Markus Steilemann, currently CCO, will succeed Patrick Thomas, as announced already in May 2017.
With the handover of the position, Steilemann will be one of the three members of the Covestro’s board of management.
Klaus Schäfer, whose contract was renewed in January 2018 until the end of 2022, will continue to act as chief technology officer (CTO), while Thomas Toepfer, will serve as Covestro’s new chief financial officer (CFO), having started his tenure 1 April.