Bayer chief executive officer to step down in 2016

Bayer has announced that Dr Marijn Dekkers, its chief executive officer, will be leaving the company in 2016.

Dr Dekkers has chosen to extend his contract by only two years following the expiration of the initial five-year period, citing family reasons. This has prompted the company to take a number of decisions pertaining to the future composition of its board of management.

To ensure continuity in key aspects of its future development, the supervisory board has appointed chief financial officer (CFO) Werner Baumann to the new role of chief strategy and portfolio officer, effective as of October 1st 2014.

On the same day, Johannes Dietsch – currently senior Bayer representative and CFO for Greater China – will take over the group-wide CFO role. He will also be appointed to the board of management from September 1st 2014.

Werner Wenning, chairman of the supervisory board, said: "Today's resolutions lay the foundation for the sustained future development of our company and see us well placed in the long term in the areas of strategy and portfolio management."

This comes after the firm recently announced the imminent departure of Andreas Fibig, president of its pharmaceuticals business, who will be leaving in September this year. He will be succeeded by Dieter Weinand.