Bayer ...Bayer and CEO Baumann have some real work to do - they are falling behind.
Bayer needs to make some deals after a disasterous Monsanto lawsuit has put them behind.
With some drugs coming off patent, they really need get busy.
Right place - right time - for Antibe? One of many posibilities.
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Bayer said in a statement Thursday that its supervisory board lengthened Baumann’s term by three years, heeding his “personal plans” on the matter instead of going for the maximum potential of four years. The move amounts to a vote of confidence in Baumann’s efforts to guide the German company through the thicket of Monsanto legacy lawsuits.
Baumann’s tasks in the coming years include setting Bayer’s pharmaceutical unit back up for profitable growth as two blockbuster medicines lose patent protection. He’ll also need to build out the company’s crop-science business, which has been hamstrung by suits over Monsanto weed killers Roundup and Dicamba.
Baumann set the US$63 billion Monsanto deal in motion just weeks after taking over as CEO in early 2016. The move deepened Bayer’s commitment to a conglomerate model -- combining crop science, pharmaceuticals and consumer health under one roof -- at a time when many rivals have rigorously sharpened their focuses.
Bayer’s shares are down more than 40 per cent under Baumann’s watch, with most of the loss coming after a surge in U.S. lawsuits claiming that Roundup causes cancer. Bayer has denied that.