Covestro AG has confirmed that Chief Executive Officer Dr Markus Steilemann will not seek a contract extension when his current term expires on May 31, 2028. The company said Steilemann communicated his decision to the Chairman of the Supervisory Board and will not be available for another term after the contract end date.
The Supervisory Board will now start a formal process to identify and appoint a successor to the chief executive role. Covestro said the board will lead the succession activities and that Steilemann will remain in his post through the end of the contract period to facilitate an orderly handover of duties to the incoming CEO.
Covestro is a manufacturer of polymer materials and related components, supplying customers across several industrial segments. The company lists mobility, building, and electrical and electronics among the end markets it serves.
On a fiscal basis, Covestro generated sales of EUR 14.2 billion in 2024. At the end of that year the company employed roughly 17,500 people and operated 46 production sites worldwide. Those operational and financial figures were included in the company’s announcement about the leadership transition timetable.
The company statement makes clear that the current chief executive will remain in place until the stated contract expiry and will assist in transferring responsibilities to his successor. Details about the succession timeline beyond the start of the Supervisory Board process, including candidate names or strategic implications, were not provided in the announcement.
Summary and context in this release are limited to the information the company disclosed: the non-extension of Dr Steilemann’s contract through May 31, 2028; the initiation of a Supervisory Board-led succession process; and the company’s 2024 sales, employee count, and production-site totals.