Dr Markus Steilemann will not extend his contract with Covestro beyond May 2028.

Steilemann, CEO of Covestro AG, will not extend his contract, which runs until May 2028. Covestro AG announced this at the end of February. The company did not provide any reasons for Steilemann's announced departure. It said that the Supervisory Board of Covestro AG would initiate an orderly succession process for the CEO position in due course. Steilemann has been CEO of Covestro since 2018 and is also currently President of the VCI Verband der Chemischen Industrie (German Chemical Industry Association).
 
Just a few months ago, Covestro was completely taken over by the Arab oil company Adnoc. The group's management team led by Steilemann had been negotiating with representatives of Adnoc for a year and a half and reached an agreement in October 2024. After a lengthy review by the authorities, the takeover took place in December 2025.
 
Covestro is headquartered in Leverkusen. The company operates internationally. It manufactures polymer materials and related components. Covestro supplies customers in various key industries. These include mobility, construction and housing, as well as the electrical and electronics industries. In addition, Covestro polymers are also used in areas such as sports and leisure, telecommunications and health, as well as in the chemical industry itself.
 
Sources:

• Covestro press release (23.2.2026)
• Covestro website
• Photo: © Covestro