BAYRY - Major investor seeks removal of Bayer CEO Baumann - Bloomberg

Bayer (BAYRY +0.6%) shareholder Temasek Holdings is pushing for the removal of CEO Werner Baumann, Bloomberg reported over the weekend, lifting shares by more than 2% in early Frankfurt trading before pulling back. Temasek has longstanding concerns about Bayer's operating performance under Baumann and the company's lack of succession planning, and has communicated its displeasure to the company and supervisory board Chairman Norbert Winkeljohann, according to the report. The Singapore state investor is said to be considering options ahead of next month's shareholder meeting, including requesting a no-confidence vote in Baumann or voting against ratifying the performance of the management. Another fund, Alatus Capital, also has argued in favor of replacing Baumann, but Temasek's move carries more weight, as it has been a major shareholder since 2018 and helped Bayer complete the controversial $63B deal for Monsanto.

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Major investor seeks removal of Bayer CEO Baumann - Bloomberg