Bayer Material Science Reposition Covestro Gets New Management Board
From September 1, 2015, Bayer Material Science will be known as Covestro. Now the Supervisory Board of Bayer Material Science – in future: Covestro – has named the members of the future Board of Management. Known managers will be in on it, like newcomers. Their aim: Stock market launch of the new independent company by midyear 2016.
Leverkusen/Germany – Patrick Thomas has been confirmed as Chairman of the Board of Management of Covestro. He has been CEO of Bayer Material Science since 2007. Frank H. Lutz, who joined Material Science in October 2014, will remain Chief Financial Officer of Covestro. Moreover, he will assume the function of Labor Director from Michael Bernhardt, who will leave the Board of Management to head an expanded Human Resources function for Covestro.
Newly appointed to the Board of Management are Dr. Klaus Schäfer and Dr. Markus Steilemann. 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.
Stock Market Launch by midyear 2016
"We are convinced we have made the right personnel decisions for the success of Covestro as a stand-alone company. Steered by this experienced management team, we intend to position Covestro as a leading company in the global arena and continue to grow dynamically in the future," said Dr. Richard Pott, Chairman of the Supervisory Board of Bayer Material Science. Patrick Thomas added: "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."
From September 1, 2015, Bayer Material Science will be known as Covestro. Bayer aims to float this business on the stock market by mid-2016 at the latest. The plans for the carve-out of Bayer Material Science were announced in September 2014.