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- 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.