Dr Thorsten Dreier appointed as new CTO of Covestro
Change on Covestro Board of Management
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 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, telecommunications and health, as well as in the chemical industry itself.
The company is geared completely to the circular economy. In addition, Covestro aims to achieve climate neutrality for its Scope 1 and Scope 2 emissions by 2035, and the Group’s Scope 3 emissions are also set to be climate neutral by 2050. Covestro generated sales of EUR 14.2 billion in fiscal year 2024. At the end of 2024, the company had 46 production sites worldwide and employed approximately 17,500 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.