Change is coming for Bayer–and with it, change at the top. The German pharma has outlined its plans for retooling, post-plastics division divestment–and they involve three operational arms, each headed up by a company vet.
Once the company’s MaterialScience unit becomes new company Covestro, Bayer will reorganize into three new divisions: Pharmaceuticals, under the direction of Dieter Weinand; Consumer Health, to be led by Erica Mann; and Crop Science, which Liam Condon will head. All three will take a seat on Bayer’s management board on Jan. 1 of next year, Bayer said.
“We are convinced that the greater integration of strategic and operational roles will take Bayer forward, and we have expanded the roles of the board of management members accordingly,” Chairman Werner Wenning said in a Friday statement.
It’s all part of the drugmaker’s ambitions to become a more life-sciences-focused company once plastics are out of the picture. According to CEO Marijn Dekkers, the new structure will provide the “best possible support” for the new life-sciences-centric strategy and help the company better compete against its rivals in the field.
It’ll be embarking on that path beginning in the fourth quarter, Bayer said recently; that’s when it plans to float the new Covestro shares, with an eye on raising about €2.5 billion ($2.84 billion). It’ll be offering between 70.4 million and 94.2 million new shares from a capital increase at an issue price of between €26.50 and €35.50 apiece, Reuters reports.
Also joining Bayer’s board to start the new year will be Hartmut Klusik, who will take up the reins as the member responsible for HR, tech and sustainability. He’ll step in for Michael König, who has requested his contract not be extended.
By Carly Helfand
Source: Fierce Pharma
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