Covestro AG said Chief Executive Officer Markus Steilemann will not seek an additional term when his current contract ends on May 31, 2028.

According to the company, Steilemann informed the chairman of the supervisory board that he will not be available for reappointment beyond the conclusion of his existing term. The supervisory board plans to initiate an orderly succession process for the chief executive role in due course.

The company said Steilemann intends to support a smooth transition of responsibilities to his successor.

Covestro supplies polymer materials and components to customers across multiple end markets, including mobility, building and living and electrical and electronics applications.