Bayer taps strategy chief to take over as CEO

AP News
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Posted: Feb 24, 2016 10:03 AM

FRANKFURT, Germany (AP) — Pharmaceutical company Bayer says strategy chief Werner Baumann will succeed CEO Marijn Dekkers on May 1.

A company statement said Wednesday that Dekkers requested that his contract end ahead of its expiration at year end so that Baumann could take over after the company's annual shareholder meeting April 30.

Baumann, 53, joined Bayer in 1988 in the corporate finance department and served in Barcelona, Spain and Tarrytown, New York. He was chief financial officer before taking over the strategy job overseeing mergers and acquisitions.

Dekkers, 58, became CEO in 2010. He leaves after overseeing a stock market offering for the company's plastics and polymers division, now known as Covestro.

Bayer AG, based in Leverkusen, Germany, makes prescription drugs, over-the-counter medicines, and pest control products for farmers.