Bayer CEO Baumann wins term extension until 2024

Bayer CEO Baumann wins term extension until 2024

Werner Baumann, CEO of Bayer AG
Werner Baumann, CEO of Bayer AG, attends the annual results news conference of the German drugmaker in Leverkusen, Germany February 27, 2020. (Photo: REUTERS/Wolfgang Rattay)

FRANKFURT: Bayer's Chief Executive Werner Baumann won an extension of his contract until 2024, in a show of support from the drugmaker's new chairman just months after agreeing an US$11 billion settlement of US lawsuits over its Roundup weedkiller.

In a statement late on Thursday, the group also said it would only be a matter of weeks to finalise the fragile settlement of claims that Roundup causes cancer, which Bayer inherited as part of a US$63 billion takeover of Monsanto.

A judge in July raised concern about an agreement with plaintiffs' lawyers about how to handle claims that may be brought in the future, throwing the overall settlement deal into doubt.

Baumann, just weeks after taking the top job in 2016, unveiled plans to purchase Monsanto. He had the full backing of then-Chairman Werner Wenning, who retired in April this year and was succeeded by Norbert Winkeljohann, a former PricewaterhouseCoopers executive.

Source: Reuters