Board of Management

Committed to value creation

The Board of Management, headed by Patrick Thomas, runs the company on its own responsibility with the goal of sustainably increasing the company's enterprise value and achieving defined corporate objectives.
Management Team

The four-member Board of Management defines the long-term goals and strategies for the company and sets forth the principles and directives for the resulting corporate policies. It coordinates and monitors the most important activities, defines the company's portfolio, develops and deploys managerial staff, allocates resources and decides on the financial steering and reporting of the Covestro Group.

The members of the Board of Management bear joint responsibility for running the business as a whole. However, the individual members manage the areas assigned to them on their own responsibility within the framework of the decisions made by the full Board. The full Board of Management makes decisions on all matters of fundamental importance and in cases where a decision of me full Board is prescribed by law or otherwise mandatory.

The Members of the Covestro Board of Management

  • Patrick Thomas has been CEO of Covestro and its predecessor Bayer MaterialScience since 2007. Prior to that, the engineer with a degree from Oxford University held various positions including CEO of the Polyurethanes division at Imperial Chemical Industries in the United Kingdom and President of the Polyurethanes, Performance Products and Advanced Materials divisions at U.S. company Huntsman.

    Thomas, who was born in Portsmouth, United Kingdom, in 1957, is president of PlasticsEurope – the European association of plastics producers – and of the Oxford University Business Economics Programme. He is also a Fellow of the Royal Academy of Engineering (United Kingdom).

  • Frank H. Lutz has been CFO of Covestro since 2014 and was appointed the company’s Labor Director in September 2015.

    Born in Stuttgart, Germany, in 1968, Lutz studied economics and business administration at the University of St. Gallen in Switzerland. After holding various positions at Goldman Sachs and Deutsche Bank, he was Senior Vice President for Finance and later CFO at German vehicle and equipment manufacturer MAN. In 2013, Lutz was appointed to the Coordination Council of the Aldi Süd group of companies, where as CFO he had responsibility for the German retailer’s finances. Lutz then joined Bayer MaterialScience, now Covestro.

  • Dr. Klaus Schäfer is member of the Board of Management since 2015. He is Chief Technology Officer (CTO) at Covestro and responsible for production and technology as well as all chemical production sites. Previously, Schäfer was head of Production and Technology in the Polyurethanes segment, was the Country Representative in China for predecessor company Bayer MaterialScience, and Managing Director of German site operator Currenta, which provides services to Covestro at the Dormagen, Krefeld-Uerdingen and Leverkusen sites.

    Born in Cologne, Germany, in 1962, Schäfer studied physics at the city’s university. After obtaining his PhD, he worked for Erdölchemie and BP, before joining the Bayer Group in 2001.

  • Dr. Markus Steilemann is member of the Board of Management since 2015. He is Chief Commercial Officer and responsible for all commercial functions at Covestro, including innovation. These include the three segments Polyurethanes, Polycarbonates and Coatings, Adhesives, Specialties.

    Born in Geilenkirchen, Germany, in 1970, Steilemann graduated with a PhD in chemistry from RWTH Aachen University. He began his career with the Bayer Group in 1999. From 2008, he held various management positions in the Polycarbonates segment at Bayer MaterialScience, the predecessor company of Covestro. Among other things, he was head of Global Industrial Marketing. Between 2013 and 2015, Steilemann headed the entire segment before being appointed to the Covestro Board of Management.

Cooperation in a spirit of trust

In all its actions, the Board takes account of the interests of stockholders, employees and other stakeholders. It performs its tasks according to the law, the Articles of Incorporation and the Board of Management's rules of procedure, and the recommendations of the German Corporate Governance Code as stated in the declaration of conformity. lt ensures compliance with the law and internal company directives, and works with the company's other governance bodies in a spirit of trust.

According to the Board of Management's rules of procedure and schedule of duties, the Chair bears particular responsibility for coordinating all Board of Management areas. The Chair represents the Board of Management and Covestro AG and the Group in dealings with the public and other third parties.

Find more information on the Board of Management of Covestro, including a detailed listing of the compensation for its members, in the Covestro Annual Report 2016.