Marcus Steileman is set to take over as CEO of Covestro AG next year, replacing Patrick Thomas in the top spot in the third quarter of 2018.
Thomas will remain as chairman of the board of management of the firm. Richard Pott, chairman of the supervisory board, said: "We sincerely regret Patrick Thomas' retirement. However, with the end of his contract in fall 2018, Patrick Thomas will have been at the top of Covestro for more than 10 years and of course we respect this step. Under his leadership, the company has achieved remarkable success."
Covestro, based in Leverkausen, Germany, was spun off from Bayer AG in 2015.
Thomas said: "I would like to take this opportunity to thank all employees at Covestro. They have done a great job in the last few years and made Covestro a very successful company. I look forward to ensuring a successful transition over the next 16 months.
Steileman is currently the chief commercial officer at the firm. Pott said: "We have examined potential candidates for succession in advance and come to the conclusion that we have an excellent successor in our own ranks with Markus Steileman."