- Bayer AG BAYRY has started the search for a successor to CEO Werner Baumann, Bloomberg News reportsciting people close to the cause.
- The search for a new CEO could point to an early departure for Baumann, whose contract with Bayer does not expire until April 2024.
- Bayer CEO Norbert Winkeljohann is reviewing prospects inside and outside the company to unveil a new CEO candidate in time for Bayer’s next stockholders’ meeting in April 2023, Bloomberg reports.
- Also read: Bayer’s kidney disease drug disappoints in reducing cardiovascular death.
- While the search could signal Bayer’s intent to replace Baumann before 2024, Bloomberg’s sources acknowledged it was unclear if Baumann would be asked to pass the baton early.
- Baumann has been CEO of Bayer since 2016. Bayer has reportedly allocated around $16 billion to resolve lawsuits alleging that Roundup, a weed killer it acquired from Monsanto, causes cancer.
- Shareholder dissatisfaction flared again earlier this year when Temasek pushed for Baumann’s dismissal and expressed displeasure at the lack of succession planning and business and stock performance.
- On November 16, Baumann is scheduled to answer questions for a former user of the herbicide over claims Roundup causes cancer, according to lawyers.
- Photo via Wikimedia Commons
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
[ad_2]
Source story
