LEVERKUSEN, Germany—Patrick Thomas and Frank Lutz will lead the board of management of Covestro, the new company comprising of Bayer A.G.'s MaterialScience unit when spun off on Sept. 1.
Thomas will serve as CEO and has been the CEO of Bayer MaterialScience since 2007. Lutz will serve as chief financial officer of Covestro.
Markus Steilemann will assume board responsibility for the polyurethanes business unit beginning in 2016—taking over the role from Joachim Wolff, who retires at the end of this year. Steilemann is currently head of the polycarbonates business unit. The company has yet to name his replacement for the role.
BMS' present head of coatings, adhesives and specialties Daniel Meyer will remain responsible for that business unit's operations.
Bayer aims to float this business on the stock market by mid-2016 at the latest.