LEVERKUSEN, Germany—Covestro A.G. has selected Markus Steilemann as its new CEO, succeeding Patrick Thomas, who will retire next year. Steilemann currently serves as the firm's chief commercial officer.
"We have examined potential candidates for succession in advance and come to the conclusion that we have an excellent successor in our own ranks with Markus Steilemann," said Richard Pott, chairman of Covestro's supervisory board.
Following his retirement, Thomas will remain chairman of the board of management of the Leverkusen-based supplier of polyurethane, polycarbonate and other polymer technologies.
"With the end of his contract in fall 2018, Patrick Thomas will have been at the top of Covestro for more than 10 years, and of course, we respect this step," Pott said. "Under his leadership, the company has achieved remarkable success."
Thomas has led Covestro, which was spun-out from Bayer A.G. in 2015, having comprised the main part of the group's Bayer MaterialScience division for 13 years prior.
"I would like to take this opportunity to thank all employees at Covestro," Thomas said. "They have done a great job in the last few years and made Covestro a very successful company. I look forward to ensuring a successful transition over the next 16 months."