FRANKFURT, Germany (Reuters) — Bayer boss Werner Baumann’s contract has been extended until 2024.
The move is considered a show of support from the drug maker’s new chair, just months after the company agreed to a US$11 billion settlement of U.S. lawsuits over Roundup.
Baumann unveiled plans to purchase Monsanto just weeks after becoming CEO in 2016.
He had the full backing of then-chair Werner Wenning, who retired in April and was succeeded by Norbert Winkeljohann, a former head of six European countries at auditing and consulting firm PwC.
Shareholders denied Bayer’s top management a largely symbolic vote of confidence at the 2019 general meeting after the legal problems, but Baumann and his team won the investor vote at this year’s iteration.
