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Covestro : names new CEO to replace Patrick Thomas

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05/26/2017 | 02:39pm CEST

Patrick Thomas is to retire as CEO of Covestro to be replaced by its current chief commercial officer Marcus Steileman, the company announced 24 May.

The transition will take place in the third quarter of 2018. Thomas will remain chairman of the board of management of the Leverkusen-based suppliers 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 ten years and of course we respect this step. Under his leadership, the company has achieved remarkable success, said Richard Pott, chairman of Covestros supervisory board.

Thomas has led Covestro which was spun-out from Bayer AG in 2015, having comprised the main part of the groups Bayer MaterialScience division for 13 years prior.

I would like to take this opportunity to thank all employees at Covestro, said its long-standing CEO. 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.

Regarding Thomas replacement. Pott said: 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 Steileman.

(c) 2017 News Central Asia (nCa). All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials (€)
Sales 2017 50 026 M
EBIT 2017 9 706 M
Net income 2017 5 752 M
Debt 2017 10 907 M
Yield 2017 2,45%
P/E ratio 2017 17,71
P/E ratio 2018 16,48
EV / Sales 2017 2,15x
EV / Sales 2018 2,00x
Capitalization 96 546 M
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Mean consensus OUTPERFORM
Number of Analysts 27
Average target price 118 €
Spread / Average Target 1,4%
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Werner Baumann Chairman-Management Board
Werner Wenning Chairman-Supervisory Board
Johannes M. Dietsch Chief Financial Officer
Katharina Jansen Head-Science & Research
Hartmut Klusik Human Resources, Technology & Sustainability
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