Holly Lei appointed as President of Covestro China

SHANGHAI,June 18,2019 -- Covestro announced today that Holly Lei,currently Global Head of Electrical,Electronics & Appliances (EE&A) of Business Unit Polycarbonates,will assume new responsibilities as President of Covestro China,effective July 1,2019.

Holly Lei

Lei will succeed Bjoern Skogum,who is going to retire from Covestro on June 30,2019 after more than 33 years of dedicated service.

"Having Holly Lei in the new role is yet another step for Covestro to localize in China,the largest single market for the company. I am convinced that with her 20 years of experience in cross-cultural management around the world she will bring our business in China to a new level," said CEO Dr. Markus Steilemann.

"It is truly a great honor to become President of Covestro China," said Lei. "I would like to thank the Board for its trust in me,as well as Bjoern for his leadership in driving both business results and corporate culture. Having worked at Covestro for more than two decades,I firmly believe that with an excellent innovation culture and lineup of outstanding products,applications,technology solutions,and digital solutions,as well as our people,Covestro will continue to keep the momentum going at full speed in China and make the country a brighter place."

With a background in chemical engineering and material science,Lei joined Bayer MaterialScience,the predecessor of Covestro,in 1999 as a technical representative,and has since held various management positions of increasing responsibilities focusing on sales,technical and R&D in Greater China and the APAC region. As a seasoned leader,she devoted her cross-industry insights and customer centric mindset to develop the sales and marketing infrastructure across various focused industries for BU Polycarbonates in Greater China and APAC. Under Lei's leadership,Covestro has strengthened its position as an industry leader in the Electrical,Electronics & Appliances segment with global CMF (Color,Materials,and Finishing) expertise and scale-up support,transforming the global EE&A business from a material supplier to an innovation partner.

In May,Lei was newly elected to the board of the Shanghai Chapter of the European Union Chamber of Commerce in China,where she will contribute experience and expertise in circular economy,and diversity and inclusion,among other areas.

About Covestro:

With 2018 sales of EUR 14.6 billion,Covestro is among the world's largest polymer companies. Business activities are focused on the manufacture of high-tech polymer materials and the development of innovative solutions for products used in many areas of daily life. The main segments served are the automotive,construction,wood processing and furniture,and electrical and electronics industries. Other sectors include sports and leisure,cosmetics,health and the chemical industry itself. Covestro has 30 production sites worldwide and employs approximately 16,800 people (calculated as full-time equivalents) at the end of 2018.

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Find more information at www.covestro.cn.

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.

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