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Bayer names new members for Covestro's Board of Directors

17 Aug '15

3 min read

The Supervisory Board of Bayer MaterialScience AG (in future: Covestro) has named the members of the future Covestro Board of Management effective September 1, 2015.

Patrick Thomas has been named the chairman of the Board of Management of Covestro. He has been CEO of Bayer MaterialScience since 2007. Frank H. Lutz will be the chief financial officer of Covestro. Moreover, he will assume the function of labour director from Michael Bernhardt, who will leave the Board of Management to head an expanded human resources function for Covestro.

Dr. Klaus Schäfer will hold the Board responsibility for industrial operations (chief industrial operations officer) covering production and technology. Dr. Markus Steilemann will initially be the Board member responsible for innovation and, until December 31, 2015, will also retain his function as head of the polycarbonates business unit. From January 1, 2016, he will additionally assume Board responsibility for the polyurethanes business unit. Dr. Joachim Wolff, who is currently responsible for the polyurethanes business unit, will retire on December 31, 2015. Daniel Meyer, the present head of coatings, adhesives and specialties, will remain responsible for this business unit's operations, according to a press release.

Patrick Thomas has graduated with an engineering degree from Oxford University in 1979. He is the president of PlasticsEurope, the European association of plastics producers, and of the Oxford University Business Economics Program (OUBEP). He also chairs the advisory board of the European Institute for Industrial Leadership and is a non-executive director of BG Group plc.

Frank H. Lutz became a member of the board of management and executive committee of Bayer Material Science on October 1, 2014, where he was made responsible for finance one month later.

Lutz studied economics and business administration with a focus on banking at the University of St. Gallen in Switzerland. Dr. Klaus Schäfer has studied physics and obtained his doctorate at Cologne University. In 2013, Schäfer became head of production and technology in the polyurethanes business unit before assuming responsibility for industrial operations.

Dr. Markus Steilemann is a member of the executive committee of Bayer MaterialScience and has been head of the polycarbonates business unit since April 1, 2013. A PhD chemist, Steilemann joined Bayer as an internal consultant in the company's former Corporate Planning Division in 1999.

From September 1, 2015, Bayer MaterialScience will be known as Covestro. Bayer aims to float this business on the stock market by mid-2016 at the latest. (GK)

Fibre2Fashion News Desk – India