Change on Covestro Board of Management
Dr. Thorsten Dreier appointed as new CTO of Covestro
The Supervisory Board of Covestro unanimously appointed Dr. Thorsten Dreier as Covestro's new Chief Technology Officer. The 49-year-old will take over on July 1, 2023, from Dr. Klaus Schäfer, who most recently extended his expiring contract by six months to ensure personnel stability for Covestro during a challenging period in the market as a result of the ongoing energy crisis.
"Dr. Thorsten Dreier has demonstrated his technological expertise, customer focus, market orientation and management qualities in our company over the last twenty years, and with great success. He has played a decisive role in shaping Covestro's development," said Dr. Richard Pott, Chairman of Covestro's Supervisory Board. "He is therefore the ideal successor as Chief Technology Officer and will continue to successfully drive Covestro's transformation towards a circular economy and to achieving climate neutrality."
"I am grateful for the trust placed in me. I am looking very much forward to working with Covestro employees and the other members of the Board of Management, give new impetus to the transformation of our company and to fulfill our aspired position as a pioneer in the chemical industry in decisively driving forward the circular economy," said Dreier.
In his role as Chief Technology Officer, Dreier will assume responsibility for the corporate functions Process Technology, Engineering, Group Health, Safety & Environment and Group Procurement. In the coming months, he will work with Dr. Klaus Schäfer, to prepare for the smooth takeover of his duties and familiarize himself with all the tasks of his future area of responsibility.
About Dr. Thorsten Dreier:
Dr. Thorsten Dreier, born in Münster in 1972, is currently Global Head of the Coatings & Adhesives Business Entity. He began his career in 2002 as a laboratory manager in the Bayer Group and subsequently held various management positions at Bayer, Bayer MaterialScience and Bayer Technology Services. With the spin-off of Covestro, Dreier became global Head of Production & Technology in the Coatings, Adhesives & Specialties business unit and later of the Specialty Films and Thermoplastic Polyurethanes business units. He studied chemistry and received his doctorate from the University of Münster in 2001.
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 aims to become climate neutral by 2035 (scope 1 and 2). Covestro generated sales of around EUR 15.9 billion in fiscal 2021. At the end of 2021, the company had 50 production sites worldwide and employed approximately 17,900 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.