Sector News

Bayer strategy head Baumann set to be named CEO: Manager Magazine

February 18, 2016
Chemical Value Chain

Bayer’s head of strategy, Werner Baumann, is set to be appointed chief executive-designate next week, German monthly Manager Magazin reported on Thursday.

Long seen as heir apparent to Chief Executive Marijn Dekkers, Baumann will take over in early 2017, and the move is set to be announced on Feb. 25, when full-year results are due to be published, the magazine said, citing company sources.

Bayer declined to comment.

CEO Dekkers has said he would step down at the end of 2016 and that it will be up to the supervisory board to pick a successor.

Baumann, a former finance chief who is responsible for group strategy, has spent his entire career at Bayer, having played key roles in folding Roche’s (ROG.VX) consumer health unit and rival drugmaker Schering into Bayer.

Bayer, which invented Aspirin and polyurethane foams, last year listed its plastics business on the stock market to focus on its more profitable life-science businesses around human, animal and plant health.

It has benefited from a rich drug development pipeline but the company’s absence from a recent wave of consolidation could undermine its position in markets such as crop protection and animal health.

That is why Bayer is likely to seek a major life sciences M&A deal in the next few years, banking sources have said.

(Reporting by Ludwig Burger; Editing by Keith Weir)

Source: Reuters

comments closed

Related News

January 29, 2023

Dow and 3M cut thousands of jobs

Chemical Value Chain

3M and Dow have announced they are cutting thousands of roles from their global workforces in response to economic pressures. Dow has said it will cut 2,000 jobs across its global workforce (around 5%) in a bid to save US$1bn in 2023. The company says it will also cut costs by shutting down “select assets”, though it did not note where it would halt operations.

January 29, 2023

Sweden discovers Europe’s largest rare earths deposit

Chemical Value Chain

Sweden’s state mining firm has discovered what could be Europe’s largest rare earths deposit, and says it could help the bloc reduce its reliance on imports of minerals needed to manufacture clean technologies and meet climate targets.

January 29, 2023

Avantium to supply Henkel with plant-based FDCA

Chemical Value Chain

Henkel and Avantium have been partners since 2019, when Henkel joined the PEFerence consortium. This consortium of partners, coordinated by Avantium, aims to establish an innovative supply chain for FDCA and PEF (polyethylene furanoate).

How can we help you?

We're easy to reach