February 23, 2026 16:35

Exactly ten years after taking office, on 31 May 2028, Markus Steilemann (pictured) will step down as Chief Executive Officer of Covestro, the company formed in 2016 from the carve-out of Bayer Group’s MaterialScience division.

The CEO has informed the Supervisory Board that he will not be available for reappointment once his current mandate expires on 31 May 2028.

Covestro’s Supervisory Board will launch an orderly succession process. Steilemann has indicated his willingness to support a smooth transition to his successor.

It remains unclear whether Steilemann’s decision is linked to the company’s recent acquisition by UAE group Adnoc, through its subsidiary XRG (see article), although such changes are not uncommon in similar circumstances.

At the end of last year, CFO Christian Baier also announced that he would not continue beyond his current term, which runs until September this year. Supervisory Board Chairman Richard Pott has likewise stepped down and has been succeeded by Rainer Seele (see article).

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