LEVERKUSEN, Germany - Covestro announced that CEO Patrick Thomas will assume the role of interim CFO following the resignation of Frank H. Lutz. 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’s decision, but of course we respect this step and thank him for his contribution to the successful 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.”
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.”
Covestro is among the world’s largest polymer companies. Formerly Bayer MaterialScience, the company has 30 production sites around the globe.