- Signs for push-out forces
- After almost three years on the job
- Praise, thanks and words of regret for Lutz
- Patrick Thomas taking over in the interim
- Search for a successor
(exechange) — Leverkusen, Germany, June 02, 2017 — Frank Lutz, finance chief of Covestro, leaves. As announced by Covestro Aktiengesellschaft in a news release on Friday, June 02, 2017, Frank H. Lutz leaves the post as Chief Financial Officer at the adhesive manufacturing company in a surprising move after almost three years on the job.
No company wants a CFO to flame out in the first years.
The exact date of Lutz’ departure was not given in the announcement. Obviously, it was an abrupt change.
Covestro will undertake a search for a successor.
Lutz’ duties are taken over in the interim by Patrick Thomas, currently Chief Executive Officer at Covestro Aktiengesellschaft.
Covestro has already removed the name of Lutz from the leadership page and lists Thomas as Chief Executive Officer & Interim CFO.
No reason given
In the announcement, Covestro did not explicitly explain the reason for Lutz’ move, leaving room for speculation.
Precise information about the future plans of Lutz was not immediately available.
Covestro said: “CEO Patrick Thomas will assume the role of interim CFO following the resignation of Frank H. Lutz.”
Share price rise since February 2016
The change follows a rise in the share price of Covestro Aktiengesellschaft since February 2016.
Chaired by Richard Pott
Covestro Aktiengesellschaft is chaired by Richard Pott.
Pott is Chairman of the Supervisory Board.
CEO: Patrick Thomas
Patrick Thomas serves as CEO of Covestro Aktiengesellschaft. Patrick Thomas has been CEO of Covestro and its predecessor Bayer MaterialScience since 2007.
On the job as CFO since 2014
Lutz has been the Chief Financial Officer of Covestro AG (also known as: Bayer MaterialScience AG) since October 1, 2014 and has been its Member of Board of Management since November 1, 2014.
Frank H. Lutz has been CFO of Covestro since 2014 and was appointed the company’s Labor Director in September 2015.
Born in Stuttgart, Germany, in 1968, Lutz studied economics and business administration at the University of St. Gallen in Switzerland.
After holding various positions at Goldman Sachs and Deutsche Bank, he was Senior Vice President for Finance and later CFO at German vehicle and equipment manufacturer MAN.
In 2013, Lutz was appointed to the Coordination Council of the Aldi Süd group of companies, where as CFO he had responsibility for the German retailer’s finances.
Lutz then joined Bayer MaterialScience, now Covestro.
“The succession in the position as Labour Director at Covestro will be announced in due course,” Covestro said.
As a general rule, when a top manager announces to step aside with no permanent successor in place, it’s a signal that the change was unplanned and too early.
In general, possible causes for an unexpected change can be, among others, disagreement or dispute and surprising new career opportunities.
Signs for push-out forces
It is not completely certain what forces eventually triggered Frank Lutz’ move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 23.2017 ($).