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Bayer Extends CEO's Contract Until April 2024

Bayer AG (BAYZF.PK,BAYRY.PK,BYR.L) said that it has extended the contract of its chief executive officer Werner Baumann until the end of April 2024. Previously, his contract was due to expire at the 2021 annual stockholders' meeting.

Baumann, 57, has served for the company since 1988. He was appointed to the Board of Management in 2010 and has been its chief executive officer since May 2016.

The Supervisory Board is firmly convinced that Werner Baumann is the right leader to advance comprehensive transformation purposefully and resolutely. It also expects 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, Norbert Winkeljohann, Chairman of the Supervisory Board of Bayer said.

Bayer also said 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.

In June, Bayer had reached an agreement to pay up to $10.9 billion to settle thousands of U.S. lawsuits alleging that the company's Roundup herbicide causes cancer. Bayer inherited thousands of lawsuits against Roundup inventor Monsanto when it acquired the U.S. agriculture giant for $63 billion in 2018.

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