Covestro has moved forward the timeline for outgoing CEO Patrick Thomas to hand over to CCO Markus Steilemann, the company announced, with Thomas to step down at the end of May rather than in September. The timeline for the succession was updated by mutual consent between Thomas and the supervisory board, with Steilemann to formally accede to CEO on 1 June 2018. Following Thomas departure, Covestro's board of management will be made up of Steilemann, CTO Klaus Schafer, whose contract was renewed until 2022 earlier this year, and Thomas Toepfer, who became company CFO at the start of April 2018.

Toepfer succeeded Frank Lutz, who resigned abruptly after Steilemann was named as heir apparent to Thomas.