Chief Financial Officer (CFO) Dr. Thomas Toepfer to leave Covestro as of August 31, 2023
The Supervisory Board of Covestro has today acceded to the request from CFO and Labor Director Dr. Thomas Toepfer for the early termination of his current contract, which expires on March 31, 2026. Dr. Toepfer will leave the company as of August 31, 2023 to pursue a new role as CFO at the European aircraft manufacturer Airbus. Until then, Dr. Toepfer will continue his work as CFO and Labor Director to the full extent and with the same high level of commitment. The Supervisory Board has started its search for a successor and will make an announcement in due course.
Dr. Thomas Toepfer has been a member of Covestro’s Board of Management since April 2018 and, as Chief Financial Officer, is responsible for Accounting, Controlling, and Finance, among others. He has additionally held the position of Labor Director since January 2019. “We respect Thomas Toepfer’s personal wish to terminate his contract early in order to pursue his professional career outside the Group. Since he assumed office, he has made a major contribution to Covestro’s successful development,” says Dr. Richard Pott, Chairman of the Supervisory Board of Covestro. “In the past few years, he and his team have continually expanded the company’s financial structure and established the Group’s Finance board department very well at all levels. Thanks also to his commitment, Covestro enjoys a high level of trust by the capital market and today has all the tools to ensure the long-term Group strategy is sustainably financed. On behalf of the entire Supervisory Board, I thank Thomas Toepfer and wish him good luck and every success in his new role.”
Covestro’s CEO Dr. Markus Steilemann says: “Through his tremendous commitment, Thomas Toepfer has played an important role in developing and implementing our strategy. Together with our strong management team, we have successfully driven Covestro’s organizational realignment and in this way created the conditions necessary for Covestro to successfully generate sustainable growth.”
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 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 news release 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.