Covestro renewed contract with Klaus Schäfer

The Super­vi­so­ry Board of Cove­stro AG has extend­ed the con­tract of Board of Man­age­ment mem­ber Dr. Klaus Schäfer by five years until the end of 2022 on Jan­u­ary 1, 2018. Schäfer has been a mem­ber of the Board of Man­age­ment of Cove­stro AG since the going pub­lic in 2015. As Chief Tech­nol­o­gy Offi­cer (CTO), he is respon­si­ble for pro­duc­tion and tech­nol­o­gy as well as all chem­i­cal pro­duc­tion sites of the com­pa­ny. Since mid-2017, he also acts as labor director.
With the ear­ly renew­al of the con­tract, the com­pa­ny under­lines its com­mit­ment to con­ti­nu­ity just like it did with the appoint­ment of the Board of Man­age­ment mem­ber Dr Markus Steile­mann as suc­ces­sor of CEO Patrick Thomas.
“We are pleased to con­tin­ue the suc­cess­ful coop­er­a­tion with Dr. Klaus Schäfer,” said Dr. Richard Pott, Chair­man of the Super­vi­so­ry Board of Cove­stro AG. “He made sig­nif­i­cant con­tri­bu­tions to the suc­cess sto­ry of Cove­stro as an inde­pen­dent com­pa­ny. As a proven indus­try expert with long-term lead­er­ship expe­ri­ence in the com­pa­ny, he ensures that Cove­stro is able to con­vince the mar­ket with state-of-the-art pro­duc­tion facil­i­ties and com­pet­i­tive tech­nol­o­gy. Fur­ther­more, he is high­ly regard­ed and trust­ed among employ­ees, not only as labor director.”
“I would like to thank the Super­vi­so­ry Board for its trust and I am look­ing for­ward to suc­cess­ful­ly con­tin­u­ing Covestro’s his­to­ry togeth­er with all the company’s employ­ees and my col­leagues at the Board of Man­age­ment,” said Dr. Klaus Schäfer.
Schäfer is part of the three-mem­ber man­age­ment team of Cove­stro with Chief Exec­u­tive Offi­cer (CEO) Patrick Thomas and Dr. Markus Steile­mann, Chief Com­mer­cial Offi­cer (CCO) and future CEO. From April 1, 2018 onwards, Dr. Thomas Toepfer will com­ple­ment the Board of Man­age­ment as Chief Finan­cial Offi­cer (CFO).
The con­tract of Klaus Schäfer would have expired at the end of August 2018. In accor­dance with the Ger­man Stock Cor­po­ra­tion Act and the Rules of Pro­ce­dure of the Super­vi­so­ry Board of Cove­stro AG, the Super­vi­so­ry Board gen­er­al­ly decides on a con­tract exten­sion of Board of Man­age­ment mem­bers after the begin­ning of the last year of their cur­rent contract.