- German conglomerate Bayer ( OTCPK:BAYZF ) ( OTCPK:BAYRY ) has started an executive search to replace the company’s current Chief Executive Officer Werner Baumann, signaling his early departure, Bloomberg reported Tuesday, citing people familiar with the matter.
- Chairman Norbert Winkeljohann is evaluating internal and external hopefuls for the job, aiming to finalize a candidate by the next annual shareholder meeting in April, according to the people who asked not to be identified given the confidentiality of information.
- The move points to Bayer’s ( OTCPK:BAYZF ) plans to replace Baumann before his contract expiry in April 2024. However, it is not yet clear if he will decide to leave the position early, the people said. Bayer ( OTCPK:BAYZF ) declined to comment.
- Baumann, 59, has led Bayer’s ( OTCPK:BAYZF ) 2018 acquisition of Monsanto, the maker of Roundup, for $63B. The transaction has led to legal challenges for the company over lawsuits claiming that the weedkiller causes cancer.
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Bayer starts executive search to replace CEO Baumann – Bloomberg