Germany’s three biggest asset management groups said they would not vote for the re-election of Bayer Chairman Norbert Winkeljohann on Friday because of his numerous board commitments.
Bill Anderson, most recently the head of Roche’s pharmaceuticals division, will succeed Werner Baumann as chief executive at Germany’s Bayer on June 1, the company said on Wednesday.
Bayer investor Jeff Ubben has contacted fellow shareholders in the German group, investors and sources familiar with the matter told Reuters, in an apparent attempt to rally support for big changes at the drugs-to-pesticides company.
A top-10 shareholder in Bayer on Tuesday called on the group’s supervisory board to replace chief executive Werner Baumann quickly, adding to investor pressure to restore trust and revive the German drugmaker’s sagging share price.
Bayer CEO Werner Baumann may be on the way out. For the past several years, Baumann has been in the sights of angry shareholders but has evaded an ouster. That soon may be over.