Leverkausen, Germany — Patrick Thomas is to retire as CEO of Covestro to be replaced by its current chief commercial officer Marcus Steileman, the company announced 24 May.
Covestro names new CEO to replace Patrick Thomas
The transition will take place in the third quarter of 2018. Thomas will remain chairman of the board of management of the Leverkusen-based suppliers of polyurethane, polycarbonate and other polymer technologies.
“With the end of his contract in fall 2018, Patrick Thomas will have been at the top of Covestro for more than ten years and of course we respect this step. Under his leadership, the company has achieved remarkable success,” said Richard Pott, chairman of Covestro’s supervisory board.
Thomas has led Covestro which was spun-out from Bayer AG in 2015, having comprised the main part of the group’s Bayer MaterialScience division for 13 years prior.
“I would like to take this opportunity to thank all employees at Covestro,” said its long-standing CEO. “They have done a great job in the last few years and made Covestro a very successful company. I look forward to ensuring a successful transition over the next 16 months.
Regarding Thomas’ replacement. Pott said: “We have examined potential candidates for succession in advance and come to the conclusion that we have an excellent successor in our own ranks with Markus Steileman.”