Bayer HealthCare to name new head of pharmaceuticals

Bayer HealthCare will soon name a new president of its pharmaceuticals division following the announcement of Andreas Fibig's departure.

Mr Fibig, who is also a member of the Bayer HealthCare executive committee, will be leaving the company to become chief executive officer of New York-based International Flavors and Fragrances, effective as of September 1st 2014.

The firm has confirmed that his successor will be named within a few days. In the meantime, it has offered its thanks to the outgoing president and wished him luck in his future endeavours.

Olivier Brandicourt, chief executive officer of Bayer HealthCare, said: "Andreas Fibig has advanced the very positive development of our pharmaceuticals business over the past years, making it to one of the fastest growing pharmaceutical companies in the industry."

During 2013, Bayer HealthCare achieved a sales total of 18.92 billion euros (15.39 billion pounds), up by 1.7 percent on 2012. This was due to the strong performance of its pharmaceuticals division and the demand for products such as Xarelto, Eylea, Stivarga, Xofigo and Adempas.