Evonik's board faces pivotal summer decisions on CEO and CFO roles
Evonik's supervisory board is preparing for key decisions this summer. The board will vote on extending CEO Christian Kullmann's contract and filling the vacant CFO role. Meanwhile, the RAG Foundation, a major shareholder, has shifted its investment strategy and reduced reliance on Evonik's dividends. Over the past five years, Evonik's market value has doubled, rising from around €9 billion in March 2021 to €18 billion in March 2026. This growth contrasts sharply with competitors like BASF, which fell from €45 billion to €38 billion, and Bayer, which dropped from €55 billion to €25 billion. Evonik's focus on specialty chemicals has helped it outperform rivals during industry turbulence.
The RAG Foundation, holding a 46% stake in Evonik, has traditionally depended on the company's dividends. However, it has now diversified its portfolio and is moving toward a more conventional investment approach. Bernd Tönjes, chairman of Evonik's supervisory board and head of the foundation, remains critical of the company's market valuation. He attributes its lower-than-expected performance to external factors rather than management decisions.
This summer, the supervisory board will also finalise a new dividend policy, which the foundation supports despite its lower payouts. Stability and continuity remain priorities, with Tönjes emphasising the need for steady leadership. Kullmann's current term runs until 2027, and his extension is widely anticipated.
Alongside the CEO decision, the board is searching for a new CFO. The role, vacant since earlier this year, requires a candidate with experience in crisis management and resilience. A final appointment is expected by June. The upcoming board decisions will shape Evonik's leadership and financial strategy for years to come. Kullmann's potential extension and the new CFO's appointment will influence the company's direction. Meanwhile, the RAG Foundation's reduced dependence on Evonik's dividends marks a shift in its investment priorities.
