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Monday, October 10, 2016

Covestro CFO Headlines CEIBS Executive Forum

October 10, 2016. Shanghai – CFO and Labor Director of Germany-based Covestro AG (formerly Bayer Material Science) Mr. Frank H. Lutz shared his insights into how to carve-out and list a company at the CEIBS Executive Forum held today on the Shanghai Campus.

Mr. Lutz first gave the audience a brief introduction to Covestro, a global leader in high-tech material solutions, and its three main products:  Polyurethanes (PUR), Polycarbonates (PCS) and Coatings, Adhesives, Specialties (CAS) and their solutions for many industries related to our daily lives.

Covestro CFO and Labor Director Mr. Frank H. Lutz

He then explained how Covestro’s parent company, Bayer, decided to carve-out its materials business as a separate company (Covestro), and list it on the Frankfurt Stock Exchange. He also shared some lessons that were learned from the process. He said it was important to establish the new company’s name, logo, and corporate culture and values in order to create its identity. Covestro has developed its own new and distinct values, which it calls C3 (Curious, Courageous and Colourful), and they are reflected in its colourful logo. Creating a new company also means moving out of the comfort zone; company leaders must project their confidence to the staff. Mr. Lutz also discussed the company’s bumpy road to its IPO. The Forum ended with a lively Q&A.

Covestro CFO and Labor Director Mr. Frank H. Lutz and Prof. Chen Shimin

Grace Chen