Bayer Extends CEO’s Contract, Sees Progress on Roundup Deals
- Baumann gets three-year extension despite plunge in shares
- Bayer expects revised plan on future Roundup claims in weeks
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Bayer AG extended Chief Executive Officer Werner Baumann’s contract, a vote of confidence in a leader who oversaw the acquisition of Monsanto Co. and has been trying to end a wave of litigation that came with the U.S. chemical maker.
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 provides continuity as the German company works its way through a thicket of lawsuits claiming that Monsanto’s Roundup herbicide causes cancer, which Bayer denies.