The Supervisory Board of Bayer MaterialScience (Leverkusen, Germany) has named the members of the future Covestro Board of Management, effective September 1, 2015. Described as an ‘experienced management team,’ the new board is made up of a well-balanced mix of old names and new. Not surprisingly, Patrick Thomas (57) has been confirmed as Chairman of the Board of Management of Covestro.
Patrick Thomas, Chairman of the Board
Thomas, who joined Bayer MaterialScience in 2006, has been CEO of Bayer MaterialScience since 2007. Thomas is also President of PlasticsEurope, the European association of plastics producers.
Frank H. Lutz (46), who joined Bayer MaterialScience in October 2014, will remain Chief Financial Officer of Covestro. Moreover, he will assume the function of Labor Director from Michael Bernhardt (48), who will leave the Board of Management to head an expanded Human Resources function for Covestro.
Newly-appointed to the Covestro Board of Management are Dr. Klaus Schäfer (52) and Dr. Markus Steilemann (45). Schäfer will hold Board responsibility for Industrial Operations (Chief Industrial Operations Officer) covering production and technology. Steilemann will initially be the Board member responsible for Innovation and, until December 31, 2015, will also retain his function as Head of the Polycarbonates Business Unit. From January 1, 2016, he will additionally assume Board responsibility for the Polyurethanes Business Unit. Dr. Joachim Wolff, who is currently responsible for the Polyurethanes Business Unit, will retire on December 31, 2015. Daniel Meyer, the present Head of Coatings, Adhesives and Specialties, will remain responsible for this business unit's operations. The new Head of the Polycarbonates Business Unit will be announced at a later date.
"Going forward we aim to further strengthen customer proximity, innovative capability, efficiency and profitability—all of which are of crucial importance to Covestro. I am greatly looking forward to working with the new Management Board team," Patrick Thomas commented.
Covestro, the name by which Bayer MaterialScience will be known from on September 1, is derived from COllaboration, inVESTed and STROng—a combination of words that is said to ‘reflect the identity of the new company.’ Bayer aims to float this business on the stock market by mid-2016 at the latest. The plans for the carve-out of Bayer MaterialScience were announced in September 2014.