Covestro CEO Patrick Thomas will retire on May 31, and Chief Commercial Officer Markus Steilemann will take over as CEO.
Don Peder announced his retirement decision in May 2017 and the contract will end on September 30, 2018.
Richard Pott, chairman of the board of supervisors, commented on Don Peder's performance: "Coscom has achieved a record of sustained profit growth since its independent operations in 2015."
Tang Peide has been CEO of Covestro and Bayer MaterialScience since 2007. Prior to this, he had extensive experience in the chemical industry.
Tang Peide holds leadership positions in numerous industry associations such as Cefic, WPC, and VCI.
In addition, he served as chairman of the European Plastics Manufacturers Association from 2011 to 2017.
In May 2017, the company announced that the current chief commercial officer, Shi Lewen, will succeed Don Peder as CEO.
With the handover of this position, Xerox will become one of the three members of the Covestro Council.
Klaus schaufer renewed the contract in January 2018 and will continue to serve as Chief Technology Officer (CTO). His term is extended until the end of 2022, and Thomas Toepfer is the new Chief Financial Officer (CFO) of Covestro in April. Began to work on the 1st.