June 1, 2017 / 4:15 PM / 2 months ago

UPDATE 1-German plastics maker Covestro' CFO quits after passed over for CEO role

2 Min Read

* Fellow board member was named CEO-designate last week

* Lutz played key role in Covestro spin-off and listing in '15

* Spokesman says new CFO has not yet been named (adds new CFO yet to be named, background, shares)

By Ludwig Burger

FRANKFURT, June 1 (Reuters) - Covestro, the plastics maker that parent Bayer plans to sell, said on Thursday that its finance chief Frank Lutz had resigned after a fellow executive board member was named CEO-designate just over a week ago.

Lutz, who has also held the office of labour director, gave notice to resign as of the end of Friday, June 2, the company said in a brief statement. "The Chairman of the Supervisory Board has with regret taken note of this decision," it added.

The company said last week that Chief Executive Officer Patrick Thomas would be succeeded by executive board member Markus Steilemann in October 2018.

Lutz, a former banker whose previous roles included finance chief of truckmaker MAN SE, had been Covestro CFO since 2014 and played a key role as the maker of insulation foams and transparent polycarbonate plastics was spun-off from Bayer and listed separately in October 2015.

A Covestro spokesman declined to comment on the reasons for his departure, adding that a new CFO had yet to be named.

The shares briefly dropped 2 percent after the news but closed 0.6 percent higher.

Reporting by Ludwig Burger; Editing by Edmund Blair and David Evans

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