Patrick Thomas, CEO of Bayer MaterialScience, introducing the new brand of the company. Leverkusen, June 1, 2015 – Bayer has announced that the new name of its MaterialScience business will be Covestro.Covestro represents a bold new direction and bright future for an innovation-driven polymers company,” said Patrick Thomas, Chief Executive Officer of Bayer MaterialScience and CEO designate of Covestro.