By Pietro Lombardi
Bayer AG said late Thursday that it has extended the contract of Chief Executive Werner Baumann until 2024.
Mr. Baumann, who has been at the helm of the German pharmaceutical and chemical conglomerate since 2016, will steer the company through a tough period and a host of challenges, including the effects of the coronavirus pandemic, the expiration of patents for important pharmaceuticals division products, and litigation related to its glyphosate-based Roundup herbicide.
"The supervisory board is firmly convinced that Werner Baumann is the right leader to advance this comprehensive transformation purposefully and resolutely," Chairman Norbert Winkeljohann said.
"We also expect 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."
On the Roundup issue, the company said that further progress was made on a plan "to manage and resolve potential future Roundup claims."
The contract of Mr. Baumann, which was due to expire at next year's shareholders' meeting, will now last til the end of April 2024.