Significant Events

Events outside the Company

Challenging Economic Environment

Weak global demand continued in the third quarter of 2023, driven especially by lower consumer spending. The adverse macroeconomic conditions had a negative impact on the selling price level and the volumes sold at Covestro.

Events within the Company

Changes in the Board of Management

The previous Chief Financial Officer (CFO) and Labor Director Dr. Thomas Toepfer left Covestro as of August 31, 2023 to pursue a new role as CFO at the European aircraft manufacturer Airbus. He was succeeded by Christian Baier, who took over the position of CFO as of October 1, 2023. Dr. Markus Steilemann, Chief Executive Officer of Covestro AG, acted in this role on an interim basis during September 2023. Dr. Thorsten Dreier has taken on the position of Labor Director as from September 1, 2023 in addition to his duties as Chief Technology Officer.