- German conglomerate Bayer ( OTCPK:BAYZF ) ( OTCPK:BAYRY ) added ~6% on Wednesday after announcing that Bill Anderson, the former head of Roche’s ( OTCQX:RHHBY ) ( OTCQX:RHHBF ) Pharmaceuticals Division would become the company’s new Chief Executive effective Apr. 01.
- The current CEO Werner Baumann is set to retire at the end of May after 35 years of service, and before his retirement, Baumann will work with Mr. Anderson to ensure a smooth leadership transition.
- Anderson joins Bayer ( OTCPK:BAYZF ) from Roche ( OTCQX:RHHBY ), where he served as the CEO of the Swiss pharma giant’s Pharmaceuticals Division after leading the company’s U.S. subsidiary, Genentech.
- The new appointment follows “a thorough selection process which began mid last year,” Bayer ( OTCPK:BAYZF ) said.
- The leadership change comes at a time when the company faced activist pressure to replace Baumann, under whom Bayer ( OTCPK:BAYZF ) engineered the troubled Monsanto takeover.
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Bayer gains as former Roche pharma head becomes CEO