Bayer: Supervisory Board extends CEO Werner Baumann’s contract until the end of April 2024
Company also announces progress in Roundup™ settlements
Leverkusen, September 10, 2020 - The Supervisory Board of Bayer AG has unanimously decided to extend the contract of Werner Baumann, Chairman of the Board of Management, until April 30, 2024. Before the extension, Baumann’s contract would have expired at the 2021 Annual Stockholders’ Meeting. Baumann, 57, has worked for Bayer since 1988. He was appointed to the Board of Management in 2010 and has been its Chairman since May 2016. "Bayer is strategically very well positioned as a focused life science company with leading businesses in the attractive growth markets of health and nutrition. This is particularly evident in light of the current challenges posed by the COVID-19 crisis. Bayer's strategic strength and robust operational performance are due in large part to Werner Baumann and the entire management team," commented Prof. Dr. Norbert Winkeljohann, Chairman of the Supervisory Board of Bayer AG.
Under Baumann’s leadership, the task at hand is to use the coming period of more than three and a half years to successfully drive Bayer’s further development in a highly challenging environment, Winkeljohann said. Concretely, this means overcoming the effects of the coronavirus crisis, setting the course for profitable growth after patent expirations for important products of the Pharmaceuticals Division, building on the leading position of the Crop Science business through innovation, digitalization and sustainability, accelerating growth at Consumer Health and systematically continuing the efficiency and structural programs.
"The Supervisory Board is firmly convinced that Werner Baumann is the right leader to advance this comprehensive transformation purposefully and resolutely. His profound knowledge of Bayer’s markets, businesses, organization and strengths are key to this," Winkeljohann continued. "We also expect that the glyphosate litigation will be handled in a way that is satisfactory for the company, makes economic sense and is structured in a way that enables potential future cases to be efficiently resolved."
The employee representatives on the Supervisory Board also support and welcome the extension of Baumann’s contract. "We value his integrity and his regard for employees’ interests. In the interest of the company, and particularly its employees, it remains our task to continue to move Bayer forward together in a spirit of social partnership," said Oliver Zühlke, Chairman of the Central Works Council and Vice Chairman of the Supervisory Board.
"I’m very grateful to the Supervisory Board for the trust they have placed in me. And I’m also pleased that the Supervisory Board agreed to extend my contract until the end of April 2024 instead of the maximum possible four-year period - and thus accommodate my personal plans. I for my part will do all I can to lead Bayer successfully and sustainably over the next few years, for the benefit of our owners, our people and other stakeholder groups," said Baumann.
Bayer also announced that progress has been made with plaintiffs’ class counsel on a revised class plan to manage and resolve potential future Roundup™ claims. The details of the revised class plan will be finalized over the coming weeks and a motion for preliminary approval will be filed upon completion of the formal agreement. The plan to manage and resolve potential future litigation aligns with Bayer’s longstanding position that it would consider a resolution as long as it could be reached on reasonable financial terms and addresses both current and potential future claims. In keeping with this holistic approach, the company will also proceed on an accelerated basis to finalize the preliminary agreements to resolve the current cases and claims that were announced on June 24.
Werner Baumann was born in Krefeld, Germany, on October 6, 1962. After studying economics in Aachen and Cologne, he joined Bayer AG in 1988. His first duties were in the Corporate Finance Department in Leverkusen. In 1991 he transferred to Bayer Hispania Comercial in Barcelona, Spain, to take up a position as controller, becoming assistant to the managing director in 1995. A year later, he moved to Bayer Corporation in Tarrytown, United States. In July 2002, Baumann returned to Germany to become a member of the Executive Committee and Head of Central Administration & Organization at Bayer HealthCare. In October 2003, he was appointed a member of the Board of Management of the newly formed subgroup Bayer HealthCare AG. Baumann was named Chief Financial Officer of Bayer AG effective January 1, 2010. From October 1, 2014, until his appointment as Chairman of the Board of Management, he was Chief Strategy and Portfolio Officer and also responsible for the Europe, Middle East and Africa Region. Baumann became Chairman of the Board of Management of Bayer AG on May 1, 2016. He has also served as Labor Director of Bayer AG and Chief Sustainability Officer since January 1, 2020. Werner Baumann is married and has four children.
Bayer is a global enterprise with core competencies in the life science fields of health care and nutrition. Its products and services are designed to benefit people by supporting efforts to overcome the major challenges presented by a growing and aging global population. At the same time, the Group aims to increase its earning power and create value through innovation and growth. Bayer is committed to the principles of sustainable development, and the Bayer brand stands for trust, reliability and quality throughout the world. In fiscal 2019, the Group employed around 104,000 people and had sales of 43.5 billion euros. Capital expenditures amounted to 2.9 billion euros, R&D expenses to 5.3 billion euros. For more information, go to www.bayer.com.
This release may contain forward-looking statements based on current assumptions and forecasts made by Bayer management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Bayer’s public reports which are available on the Bayer website at www.bayer.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.