Covestro appoints Christian Baier as new CFO, Dr. Thorsten Dreier to become Labor Director
Covestro appoints new CFO and Labor Director
The Supervisory Board of Covestro has unanimously appointed Christian Baier as its new Chief Financial Officer (CFO). He will take over from Dr. Thomas Toepfer on October 1, 2023. Dr. Toepfer will leave the company as of August 31, 2023, and Covestro’s Chief Executive Officer Dr. Markus Steilemann will act as CFO on an interim basis during September. Dr. Thorsten Dreier will take over the position of Labor Director in addition to his duties as Chief Technology Officer from September 1, 2023.
“Christian Baier is an accomplished top manager with a longstanding experience in the capital markets. We are delighted that, as a member of the Board of Management, he will be actively involved in shaping Covestro’s transformation to the circular economy and in the implementation of our Sustainable Future strategy,” says Dr. Richard Pott, Chairman of the Supervisory Board of Covestro. “We are also pleased that Dr. Thorsten Dreier, with his long-standing knowledge of the company, will be shaping the future of Covestro and its employees in his additional role as the new Labor Director.”
“I am very much looking forward to driving Covestro’s transformation and creating sustainable growth together with all Covestro employees and the Board of Management,” says Christian Baier.
Born in Freiburg/Breisgau (Germany), Baier has been a member of the Management Board (Chief Financial Officer) of METRO AG since 2016; this was preceded by various executive positions at the international wholesaler from 2011. Prior to that, his experience also includes working for Permira, a global investment firm, from 2006 to 2011.
Covestro is one of the world’s leading manufacturers of high-quality polymer materials and their components. With its innovative products, processes and methods, the company helps enhance sustainability and the quality of life in many areas. Covestro supplies customers around the world in key industries such as mobility, building and living, as well as the electrical and electronics sector. In addition, polymers from Covestro are also used in sectors such as sports and leisure, cosmetics and health, as well as in the chemical industry itself.
The company is committed to becoming fully circular and is striving to become climate neutral by 2035 (scope 1 and 2). Covestro generated sales of EUR 18 billion in fiscal 2022. At the end of 2022, the company had 50 production sites worldwide and employed approximately 18,000 people (calculated as full-time equivalents).
This investor news may contain forward-looking statements based on current assumptions and forecasts made by Covestro AG. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Covestro’s public reports which are available at www.covestro.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.