Continuity on the Board of Management of Covestro AG

Contract of Covestro CCO Sucheta Govil extended ahead of schedule

Covestro CCO Sucheta Govil remains member of Covestro's Board of Management until 2025.

The Supervisory Board of Covestro AG has prematurely extended the contract of Board of Management member Sucheta Govil, which runs until July 2022, by three years from August 1, 2022, to July 31, 2025. Govil has been a member of the Management Board of Covestro since August 2019.

In her role as Chief Commercial Officer (CCO), Govil is responsible for the reporting segments Performance Materials and Solutions & Specialties, including all business-relevant processes and areas from production, procurement and application technology to sales. She is also responsible for the central function Supply Chain & Logistic, which covers internal and external supply chains worldwide.

"We are pleased to continue our successful cooperation with Sucheta Govil," said Dr. Richard Pott, Chairman of the Supervisory Board of Covestro AG. "By extending the mandate, we are underlining our confidence in Ms. Govil to ideally drive Covestro's transformation, also with a view to the operational restructuring of the business entities."

"I would like to thank the Supervisory Board for the trust it has placed in me. Along with the Board of Management team and the employees, we have restructured the company, and I look forward to continuing to accompany Covestro as part of the Board of Management in the coming years," said Sucheta Govil following the extension of her contract.

Sucheta Govil is part of Covestro's four-member Board of Management, with Chief Executive Officer (CEO) Dr. Markus Steilemann, Chief Financial Officer (CFO) Dr. Thomas Toepfer and Chief Technology Officer (CTO) Dr. Klaus Schäfer.

About Sucheta Govil:

Being British citizen of Indian origin born in 1963, Govil studied at the University of Delhi and at the Indian Institute of Management in Calcutta, where she graduated with a post-graduate degree in Business Management. During her professional career, she held various management positions in marketing and innovation worldwide, among others at GlaxoSmithKline, PepsiCo, AkzoNobel and DSM. She also currently serves as a Non-Executive Director at Eurocell plc in London, a leading supplier of building products. Govil joined Covestro's Board of Management as Chief Commercial Officer (CCO) on August 1, 2019.

About Covestro:

With 2020 sales of EUR 10.7 billion, Covestro is among the world’s leading polymer companies. Business activities are focused on the manufacture of high-tech polymer materials and the development of innovative, sustainable solutions for products used in many areas of daily life. In doing so, Covestro is fully committed to the circular economy. The main industries served are the automotive and transportation industries, construction, furniture and wood processing, as well as electrical, electronics, and household appliances industries. Other sectors include sports and leisure, cosmetics, health and the chemical industry itself. At the end of 2020, Covestro has 33 production sites worldwide and employs approximately 16,500 people (calculated as full-time equivalents).

Forward-looking statements

This news release may contain forward-looking statements based on current assumptions and forecasts made by Covestro AG. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Covestro’s public reports which are available at www.covestro.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.