Bayer names new chairman of management board

Bayer has announced the appointment of Werner Baumann as its new chairman of the board of management, effective as of May 1st.

Mr Baumann currently serves as Bayer's board member with responsibility for strategy and portfolio management. He will retain these functions after he succeeds the outgoing Dr Marijn Dekkers in the role of chairman.

Dr Dekkers, the current chief executive officer of the company, has proposed that his contract – originally set to run until the end of the year – be dissolved at the end of April instead, which the supervisory board has accepted.

Following Mr Baumann's promotion, Bayer's board of management will consist of seven members instead of eight.

Werner Wenning, chairman of the supervisory board of Bayer, said: "We are convinced that, under Werner Baumann's leadership, Bayer will continue along its track of successful development."

The move comes at a time of great change for the company, which has adopted a new organisational structure as it seeks to transition towards becoming a more life science-focused business.