Patrick Thomas has assumed a double role as CEO and CFO of engineering plastics producer Covestro (Leverkusen / Germany; www.covestro.com) for an interim period following the unexpected resignation of Frank Lutz, chief financial officer since 2014. Lutz is credited with being the architect of the company’s stock market launch in October 2015 after the separation from former parent company Bayer (Leverkusen; www.bayer.com) – see Plasteurope.com of 23.09.2015. The 48-year-old executive stepped down at the beginning of June.

Covestro offered no explanation for Lutz’s abrupt departure – a week after the supervisory board’s “unanimous” choice of Markus Steilemann as the company’s next CEO was announced on 24 May – see Plasteurope.com of 30.05.2017. The company said only that the search process for a successor is underway. Citing people with knowledge of the situation, news agencies speculated that Lutz was unhappy about being passed over for the top job.

Thomas, who has headed the former Bayer MaterialScience since 2007, recently announced that he will not renew his contract, which expires at the end of September 2018. At the recent general assembly of the European plastics producers association PlasticsEurope (Brussels / Belgium; www.plasticseurope.org) in Madrid / Spain, the 59-year-old UK national also relinquished his duties as president of the industry grouping, a position he held for six years. The new president of PlasticsEurope is Daniele Ferrari, CEO of Versalis (Milan / Italy; www.versalis.eni.com) – see Plasteurope.com of 06.06.2017.