Bayer MaterialScience, a Bayer Group company, has announced the appointment of Frank Lutz (45) as its Chief Financial Officer, effective October 1, 2014. He succeeds Axel Steiger-Bagel, who takes over on November 1 as Senior Bayer Representative for the Benelux countries, based in Diegem, near Brussels.
Like his predecessor, Lutz will be a member of the Board of Management of Bayer MaterialScience and that subgroup's Executive Committee. He will be responsible for all finance-related matters of MaterialScience, which it is planned to float on the stock market as a separate company in 12 to 18 months' time. His responsibilities will also include administration and services along with the Europe, Africa and Middle East regions (EMEA / EEMEA).
Werner Baumann, member of the Board of Management of Bayer AG and Chairman of the Supervisory Board of Bayer MaterialScience, thanked Dr. Axel Steiger-Bagel warmly 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 Baumann. "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."