Bayer to name new CEO to replace chief exec who transformed firm: report
- Sources have told the Financial Times that German pharma giant Bayer will soon announce Werner Baumann as the company's next CEO.
- Baumann, a 28-year Bayer vet who is a former CFO and current Chief Strategy and Portfolio Officer (CSPO) at the firm, would replace outgoing CEO Marijn Dekkers.
- Dekkers has been Bayer's chief exec since 2010 but announced his intention to leave the company in 2014, citing personal family reasons. If Baumann is named CEO, he would take over the role in 2017.
While Bayer has yet to confirm the speculation, FT reports that the announcement may come as soon as this week.
Baumann is a logical choice to replace Dekkers, having worked closely with him since his appointment to Bayer's board in 2010. That means Baumann been by Dekkers' side as the latter exec transformed the face of Bayer into a firm that's far more focused on the life sciences.
In 2014, Bayer purchased Merck's OTC drugs in a $14.2 billion deal, and the German drugmaker spun off its Covestro plastics division last year.
The question for Bayer and its next CEO is where to go next. In its most recent earnings report, the company reported a 21% rise in Q3 profit, driven in part as a nearly 20% spike in healthcare unit sales and sales for drugs such as the blood thinner Xarelto.
- Financial Times Bayer poised to announce new chief executive