Covestro boss: UK would be "stupid" to leave EU

Cologne, Germany – The UK’s possible exit from the European Union – so-called Brexit – following a referendum in June would be “completely stupid”, according to Patrick Thomas, chief executive of German polymer group Covestro.

Speaking at the group’s first financial results press conference in Cologne yesterday, British-born Thomas said: “In terms of Brexit, I guess I’m with the 99 out of 100 FTSE CEOs in believing an exit from Europe would be completely stupid – I think that’s probably the right word, it’s a strong word but it’s true.

“Everybody says 99 out of 100 FTSE CEOs believe that to be the case, but no-one will tell you which one is pro-Brexit. I haven’t managed to find out yet, but I guess his business is entirely in the UK and is not on an international basis.”

Thomas has headed the polyurethanes and polycarbonates major, previously Bayer MaterialScience, for 10 years, and led its spin-off from Bayer Group and floatation on Frankfurt Stock Exchange in October 2015.

He is also president of Brussels-based trade organisation PlasticsEurope, and was a non-executive director at UK oil and gas company BG Group until its recent takeover by Shell.