Johnson Matthey appoints Covestro's Patrick Thomas as chairman

Thomas, who has been CEO and chairman of the board at polymers business Covestro since 2015, will be appointed as chairman with effect from the end of the annual general meeting on 26 July, when Stevenson retires after seven years.

Between 2007 and 2015, Thomas was also CEO of Covestro's predecessor, Bayer MaterialScience, prior to its demerger from Bayer. He will step down from his role at Covestro at the end of May 2018.

Before joining Bayer, Thomas spent five years with the global chemical company, Huntsman Corporation, including as president of its polyurethanes, performance and advanced materials divisions. Prior to this, he was chief executive of ICI’s polyurethanes business and led its integration into Huntsman.

Stevenson said: "I am thrilled that the board has chosen Patrick to succeed me as chairman. Patrick brings a valuable combination of extensive board experience and recent executive leadership of major global organisations. I am confident that he will successfully steer Johnson Matthey to deliver continued value for our shareholders as we pursue our vision to make the world a cleaner and healthier place."

Meanwhile, chief executive Robert MacLeod said: "I am delighted to welcome Patrick as the future chairman of Johnson Matthey and look forward to working with him as we deliver our growth strategy."