logo
Share SHARE
FONT-SIZE Plus   Neg

Bayer Proposes Former CEO Wenning As Chairman, To Hike Dividend By 10%

German conglomerate Bayer AG (BAYRY.PK,BAYZF.PK) on Thursday proposed to elect its former Chief Executive Officer Werner Wenning as Chairman of its Supervisory Board with effect from October 1. He will succeed Manfred Schneider, who will remain in office until September 30.

Separately, the health care, nutrition and high-tech materials holding company said its Supervisory Board approved the recommendation of a 10 percent increase in annual dividend. The company will propose for the management changes as well as dividend in its Annual Stockholders' Meeting on April 27.

Wenning, 65, was the Chief Executive Officer from April 2002 until September 30, 2010. He will be the Chairman for the term until 2017. The company noted that the statutory "cooling-off period", after which former members of a company's board of management may join its supervisory board, ends after two years.

The Chairman is not directly elected by the Annual Stockholders' Meeting but by the members of the Supervisory Board.

In addition, the company also nominated two candidates for election as new stockholder representatives, including Sue Rataj, a board member of U.S. chemicals company Cabot Corp., and Thomas Ebeling, Chief Executive Officer of Germany's ProSiebenSat.1 Media AG.

The company added that it will also ask in the Stockholders' Meeting to vote on the introduction of a new compensation system for the Supervisory Board members. As per the new system, each member receive only fixed annual compensation of 120 thousand euros plus additional compensation for committee membership. The Chairman of the Supervisory Board would receive fixed compensation of 360 thousand euros annually.

Regarding its dividend proposal, the company said it plans to pay a dividend of 1.65 euros per share, higher than last year's 1.50 euros.

CEO Marijn Dekkers commented that "2011 was a very successful year for Bayer, and we want our stockholders to appropriately benefit from the company's performance."

On Frankfurt's Xetra, Bayer shares closed Thursday's trading at $56.02, down $0.05 or 0.09 percent.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Dealing a potentially fatal blow to a last-ditch effort by Republicans to repeal and replace Obamacare, Senator John McCain, R-Ariz., on Friday announced his opposition to a healthcare bill drafted by Senators Lindsey Graham, R-S.C., and Bill Cassidy, R-La. Reiterating his claim that Russian meddling in last year's election is a hoax, President Donald Trump has argued that the biggest influence on the election came from the media. Trump seemed to suggest in a post on Twitter on Friday that his victory in the presidential election came despite the media's... U.S. airlines collected a record $7.1 billion in revenue from fees for checked baggage and for changing or canceling reservations, reflecting a marked increase from 2010, according to a government report. The U.S. Government Accountability Office or GOA said in a report that U.S. airlines' revenue from these two fees increased to $7.1 billion in 2016 from $6.3 billion in 2010, in constant dollars.
comments powered by Disqus
Follow RTT