New CFO to oversee Bayer MaterialScience split

Following the recent announcement that Bayer AG will float its MaterialScience company on the stock market, Frank Lutz has been appointed as Chief Financial Officer of Bayer MaterialScience from October. Previously filling the role was Dr. Axel Steiger-Bagel, who will now serve as Senior Bayer Representative for the Benelux countries.

Lutz - like his predecessor - will be a member of the Board of Management of Bayer MaterialScience and the subgroup's Executive Committee. He will be responsible for all finance-related matters of MaterialScience.

“I would like to thank Dr. Axel Steiger-Bagel for his more than seven years of dedicated service on the Executive Committee of Bayer MaterialScience. He deserves much of the credit for the company's good and efficient development over recent years,” said Werner Baumann, member of the Board of Management of Bayer AG and Chairman of the Supervisory Board of Bayer MaterialScience. “At the same time I am pleased at the appointment of such an acknowledged financial expert as Frank Lutz. He will be able to apply his wide-ranging expertise to MaterialScience's preparations for its stock market flotation.”

Patrick Thomas, Chief Executive Officer of Bayer MaterialScience said: “Dr. Steiger-Bagel has made significant contributions to MaterialScience throughout his time with us and we wish him every success in his future Bayer career. At the same time, I am delighted to welcome Frank Lutz to the Executive Committee and I am very much looking forward to working with him.”