Lanxess AG named former Chief Financial Officer Matthias Zachert as its new chief executive officer, effective no later than May 15. Zachert will succeed Axel Heitmann, who is leaving the company by mutual consent, effective February 28. Zachert is currently serving as the CFO of German drugmaker Merck KGaA (MKGAY).

Meanwhile, Lanxess has named CFO Bernhard Duettmann to perform the responsibilities of Heitmann until Zachert joins the company. Heitmann has served as chairman and CEO of Lanxess since September 2004, when Bayer AG (BAYRY) spun off its rubber and specialty chemicals businesses into a new company as Lanxess. The supervisory board of the company has resolved at its meeting, by mutual agreement, the appointment of Axel C.Heitmann as Member and Chairman of the Board of Management of LANXESS AG, effective the end of February  28, 2014.