Bayer Extends CEO's Contract
September 11 2020 - 1:41AM
Dow Jones News
By Pietro Lombardi
Bayer AG said late Thursday that it has extended the contract of
Chief Executive Werner Baumann until 2024.
Mr. Baumann, who has been at the helm of the German
pharmaceutical and chemical conglomerate since 2016, will steer the
company through a tough period and a host of challenges, including
the effects of the coronavirus pandemic, the expiration of patents
for important pharmaceuticals division products, and litigation
related to its glyphosate-based Roundup herbicide.
"The supervisory board is firmly convinced that Werner Baumann
is the right leader to advance this comprehensive transformation
purposefully and resolutely," Chairman Norbert Winkeljohann
said.
"We also expect that the glyphosate litigation will be handled
in a way that is satisfactory for the company, makes economic sense
and is structured in a way that enables potential future cases to
be efficiently resolved."
On the Roundup issue, the company said that further progress was
made on a plan "to manage and resolve potential future Roundup
claims."
The contract of Mr. Baumann, which was due to expire at next
year's shareholders' meeting, will now last til the end of April
2024.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com;
@pietrolombard10
(END) Dow Jones Newswires
September 11, 2020 01:26 ET (05:26 GMT)
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