CEO Patrick Thomas will assume the role of interim CFO following the resignation of Frank H. Lutz. Patrick Thomas has an excellent reputation within the capital markets based on his long-standing financial and industry expertise, particularly since Covestro’s successful IPO under his leadership in 2015.
Dr. Richard Pott, Chairman of the Supervisory Board of Covestro, said: “We regret Frank Lutz’ decision but of course we respect this step and thank him for his contribution to the succesfull development of the company. Covestro is in an excellent position to pursue its strategy of long-term profitable growth, based on operational strength and strong financial results. The search process for a successor is on the way.”
Patrick Thomas added: “We have a great team with an innovative spirit and true enthusiasm. Together we will continue to follow our successful path to make the world a brighter place.”
The succession in the position as Labour Director at Covestro will be announced in due course.
With 2016 sales of EUR 11.9 billion, Covestro is among the world’s largest polymer companies. Business activities are focused on the manufacture of high-tech polymer materials and the development of innovative solutions for products used in many areas of daily life. The main segments served are the automotive, construction, wood processing and furniture, and electrical and electronics industries. Other sectors include sports and leisure, cosmetics, health and the chemical industry itself. Covestro, formerly Bayer MaterialScience, has 30 production sites worldwide and employs approximately 15,600 people (calculated as full-time equivalents) at the end of 2016.
This news release may contain forward-looking statements based on current assumptions and forecasts made by Covestro AG. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Covestro’s public reports which are available at www.covestro.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.