Covestro extends contract with CEO Dr. Markus Steilemann ahead of schedule until 2028
Continuity on the Board of Management
Dr. Markus Steilemann will remain Chief Executive Officer of Covestro for a further five years. The Supervisory Board has extended his contract, which runs until May 2023, until May 31, 2028. Steilemann has been a member of the Covestro Board of Management since September 2015 and its Chief Executive Officer since June 2018.
"Markus Steilemann has provided Covestro with outstanding leadership as Chief Executive Officer during his tenure to date, setting important strategic direction and driving the Group's sustainable growth. We look forward to continuing our successful cooperation," said Dr. Richard Pott, Chairman of the Supervisory Board of Covestro AG. "By extending his mandate ahead of schedule, we are emphasizing our confidence in Mr. Steilemann to successfully continue the transformation Covestro has begun to become fully circular."
Following his contract extension, Dr. Markus Steilemann responds: "I would like to thank the Supervisory Board for the trust it has placed in me. We have restructured Covestro and, together with my colleagues, I look forward to leading the company to a successful and sustainable future."
In his role as Chief Executive Officer, Steilemann is responsible for the central functions of the company: Strategy, Sustainability & Public Affairs, Group Innovation, Corporate Audit, Human Resources and Communications.
Other members of Covestro's Board of Management are Sucheta Govil as Chief Commercial Officer, Dr. Klaus Schäfer as Chief Technology Officer and Dr. Thomas Toepfer as Chief Financial Officer.
About Dr. Markus Steilemann:
Dr. Markus Steilemann has been Chief Executive Officer of Covestro since June 2018. Since 2008, he has held various management positions at Bayer MaterialScience, Covestro's predecessor company. In September 2015, Steilemann was appointed as a member of the Board of Management of Covestro. He studied chemistry and business administration at RWTH Aachen University and ETH Zurich.
For more information about the Covestro Board of Management, click here.
About Covestro:
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).
Forward-looking statements
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.