Covestro CEO Dr. Markus Steilemann will step down in May 2028
Company to begin succession process for new CEO
Covestro generated EUR 14.2 billion in sales in 2024
CEO will ensure smooth transition to successor
📖 Full Retelling
Covestro AG (ETR:1COV) announced on Monday that Chief Executive Officer Dr. Markus Steilemann will not extend his contract beyond May 31, 2028, when his current term expires, prompting the German polymer manufacturer to initiate a succession process for the top leadership position. Steilemann informed the Chairman of the Supervisory Board of his decision not to seek another term, and will work to ensure a smooth transition of his responsibilities to his successor. Covestro, a major manufacturer of polymer materials and components serving industries including mobility, building, electrical and electronics sectors, generated sales of EUR 14.2 billion in fiscal year 2024 and employed approximately 17,500 people at the end of 2024 across 46 production sites worldwide. The company's leadership transition comes amid ongoing global economic uncertainties and the evolving landscape in the chemical industry, where Covestro continues to position itself as a key player in sustainable materials innovation.
🏷️ Themes
Leadership Transition, Corporate News, Chemical Industry
A chief executive officer (CEO), also known as a chief executive or managing director, is the top-ranking corporate officer charged with the management of a company or a nonprofit organization.
CEOs find roles in various organizations, including public and private corporations, nonprofit organizatio...
Covestro AG is a German company producing polyurethane and polycarbonate raw materials. Products include isocyanates and polyols for cellular foams, thermoplastic polyurethane and polycarbonate pellets, as well as polyurethane based additives used in the formulation of coatings and adhesives. It is ...
The planned departure of Covestro's CEO in 2028 signals a major leadership transition for a key player in the polymer materials industry. This announcement allows for a lengthy succession planning process, ensuring stability for the company's 17,500 employees and its global operations.
Context & Background
CEO Dr Markus Steilemann will not extend his contract beyond May 31, 2028
Covestro is a major polymer materials manufacturer with EUR 14.2 billion in 2024 sales
The company operates 46 production sites worldwide and serves mobility, building, and electronics sectors
What Happens Next
The Supervisory Board will initiate a formal succession process to identify a new CEO. Steilemann will remain in his role for over two years to facilitate a smooth transition of responsibilities to his successor.
Frequently Asked Questions
When will Covestro's CEO step down?
Dr Markus Steilemann will step down on May 31, 2028, when his current contract expires.
What is Covestro's business?
Covestro manufactures polymer materials and components for industries including mobility, building, and electronics.
What is the next step in the succession process?
The Supervisory Board will begin the process of selecting a new CEO to ensure a smooth transition.
Original Source
try{ var _=i o; . if(!_||_&&typeof _==="object"&&_.expiry Gold prices rise on fresh Trump tariff jitters; Russia sold holding in January Trump’s 15% global tariff; Waller to speak; oil drops - what’s moving markets U.S. stock futures drop on Trump tariff turmoil; Nvidia earnings in spotlight Five things to watch in markets in the week ahead (South Africa Philippines Nigeria) Covestro CEO to step down in 2028 By Investing.com Editor Maria Ponnezhath Stock Markets Editor Maria Ponnezhath Published 02/23/2026, 05:44 AM Covestro CEO to step down in 2028 0 1COVG 0.26% Investing.com -- Covestro AG (ETR:1COV) announced Monday that Chief Executive Officer Dr Markus Steilemann will not extend his contract beyond May 31, 2028. Steilemann informed the Chairman of the Supervisory Board that he will not be available for another term when his current contract expires. The Supervisory Board will begin a succession process for the Chief Executive Officer position. Steilemann will work to ensure a smooth transition of his responsibilities to his successor. Covestro is a manufacturer of polymer materials and components, serving customers in industries including mobility, building, electrical and electronics sectors. The company generated sales of EUR 14.2 billion in fiscal year 2024 and employed approximately 17,500 people at the end of 2024 across 46 production sites worldwide. This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
