Frank H. Lutz, who joined Bayer MaterialScience in October 2014, will remain chief financial officer. In addition, he will assume the function of labor director from Michael Bernhardt, who will leave the Board of Management to head an expanded human resources function for Covestro.

Newly appointed to the Board of Management are Klaus Schäfer, Ph.D., and Markus Steilemann, Ph.D. Schäfer will hold Board responsibility for Industrial Operations covering production and technology. Steilemann will initially be the Board member responsible for innovation and, until Dec. 31, will also retain his function as head of the Polycarbonates business unit.

Joachim Wolff, Ph.D., currently responsible for the Polyurethanes business unit, will retire on Dec. 31. Daniel Meyer, the present head of Coatings, Adhesives and Specialties, will remain responsible for this business unit's operations.

“We are convinced we have made the right personnel decisions for the success of Covestro as a stand-alone company,” said Richard Pott, Ph.D., chairman of the Supervisory Board of Bayer MaterialScience AG. “Steered by this experienced management team, we intend to position Covestro as a leading company in the global arena and continue to grow dynamically in the future.”

For more information, visit www.bayer.com.