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After Investor Flak, German Healthcare Giant Bayer Starts Hunt For New CEO: Report

Benzinga · 09/14/2022 07:58
  • Bayer AG (OTC:BAYRY) has started a hunt for CEO Werner Baumann's successor, Bloomberg News reported, citing people close to the matter. 
  • The new CEO search may portend an early departure for Baumann, whose contract with Bayer isn't set to expire until April 2024.
  • Bayer's chairman Norbert Winkeljohann is looking at prospects inside and outside the company to advance a new CEO candidate in time for Bayer's next shareholder meeting in April 2023, Bloomberg reports.
  • Also Read: Bayer's Kidney Disease Drug Disappoints On Cutting Cardiovascular Death.
  • While the search could telegraph Bayer's intention to replace Baumann before 2024, Bloomberg's sources caveated that it's unclear whether Baumann will be asked to pass the baton early.
  • Baumann has served as Bayer's CEO since 2016. Bayer has reportedly earmarked about $16 billion to handle lawsuits alleging the Monsanto-acquired weedkiller Roundup causes cancer.
  • Shareholder discontent flared up again earlier this year when Temasek pushed for Baumann's removal and communicated displeasure about the lack of succession planning and business and stock performance.
  • On November 16, Baumann is scheduled to answer questions about claims that Roundup causes cancer, according to lawyers for a former user of the weedkiller.
  • Photo via Wikimedia Commons