Covestro : Contract of Board of Management member Dr. Klaus Schäfer extended

The Supervisory Board of Covestro has appointed Dr. Klaus Schäfer as a member of the Board of Management for an additional period of six months until the end of June 2023. In view of the major geopolitical uncertainties, the Supervisory Board had asked Klaus Schäfer to extend his contract, which would expire at the end of the year. Schäfer has been a member of the Covestro AG Board of Management since the company's IPO in 2015. As Chief Technology Officer (CTO), Schäfer is responsible, among other things, for the corporate functions Process Technology, Engineering, Group Health, Safety & Environment and Group Procurement, and thus, also for the energy supply of all the company's chemical production sites. Jointly, Klaus Schäfer and the Supervisory Board have agreed to extend his contract for the period from January 1, 2023, to June 30, 2023, to ensure personnel stability for Covestro in this challenging time for the energy policy market.

"We are very pleased that we were able to convince Klaus Schäfer to remain on the Covestro Board of Management beyond his planned tenure. The current geopolitical challenges pose major issues even for a company as resilient as Covestro. In these uncertain times, continuity is more important than ever. With Klaus Schäfer, we have in our ranks a proven expert on energy issues whose expertise we will benefit from during this time," said Dr. Richard Pott, Chairman of the Supervisory Board of Covestro AG.

"In my more than thirty years of professional life, this industry has never faced greater challenges. For me, continuing to support Covestro in this situation, even against my original plans, is a matter of course," said Klaus Schäfer. "I would like to thank the Supervisory Board for placing their trust in me, and I will do my utmost, together with all Covestro employees and my colleagues on the Board of Management, to guide the company safely through the coming months."