Covestro AG has announced that its current Chief Executive Officer will not extend his current contract. Dr Markus Steilemann’s current term runs until May 31, 2028, after which he will depart from the role.
Covestro
Covestro has announced that Dr Markus Steilemann will not extend his contract
Steilemann has informed the company's Chairman of the Supervisory Board that he will not be available following the expiry of his current term. The Supervisory Board of Covestro AG is set to initiate a succession process for the position of Chief Executive Officer, which will occur in due course. Steilemann is committed to ensuring a smooth transition of his responsibilities to his successor.
Steilemann was first appointed as the company’s CEO following the retirement of Patrick Thomas. Thomas left Covestro in May of 2018, after the handover date was brought forward from September with the mutual agreement of all parties. Considering Steilemann’s current contract ends on May 31, 2028, he will have held the role for 10 years.
About Markus Steilemann
Previously, Steilemann joined Bayer in 1999 and Bayer MaterialScience in 2004. From 2008 onwards, he held a variety of management positions in the Polycarbonates segment in Asia, including Head of Global Industrial Marketing. Between 2013 and 2015, Steilemann headed the Polycarbonates segment before being appointed to the Covestro Board of Management.
