MOSCOW (MRC) -- Dr. Markus Steilemann will remain Chief Executive Officer of Covestro for a further five years, said the company.
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 Schafer as Chief Technology Officer and Dr. Thomas Toepfer as Chief Financial Officer.
As per MRC, Covestro is expanding its production capacities for thermoplastic polyurethane (TPU) Films in the Platilon range, as well as the associated infrastructure and logistics and schedules to complete the new facilities as early as the end of 2023.
We remind that Covestro closed the sale of its European polycarbonates (PC) sheets business to the Munich-based Serafin Group effective January 2, 2020. This includes key management and sales functions throughout Europe as well as production sites in Belgium and Italy.
According to MRC's ScanPlast report, Russia's overall consumption of PC granules (excluding exports from Belarus) totalled 7,800 tonnes in January 2022, down by 4% year on year (8,100 tonnes a year earlier).
Covestro (formerly Bayer MaterialScience) is an independent subgroup within Bayer. It was created as part of the restructuring of Bayer AG from the former business group Bayer Polymers, with certain of its activities being spun off to Lanxess AG. Covestro manufactures and develops materials such as coatings, adhesives and sealants, polycarbonates (CDs, DVDs), polyurethanes (automotive seating, insulation for refrigerating appliances) etc. With 2021 sales of EUR 15.9 billion, Covestro has 50 production sites worldwide and employs approximately 17,900 people (calculated as full-time equivalents).