Bayer’s new CEO plans to cut management jobs in prelude to overhaul | Reuters News Agency
Business & FinanceHealth
15 September 2023, 1:53 pm 1 minute
Reuters exclusively reported that Bayer’s (BAYGn.DE) new CEO plans to cut management jobs to speed up decision-making as a first step to overhaul the embattled German industrial group, which is facing investor pressure to break up.
Market Impact
Anderson has been tasked with reviving Bayer’s share price, which has underperformed rivals, weighed down by the lingering costs of U.S. weedkiller litigation. Anderson said last month he was not ruling out any options as part of his review of the company’s strategy and structure, saying he was “leaving no stone unturned”. The company said in an unscheduled statement last month that it was projecting a steeper fall in earnings and zero free cash flow, in what some analysts suggested was Anderson seeking to get bad news out quickly to allow for a fresh start.
Article Tags
Topics of Interest: Business & FinanceHealth
Type: Reuters Best
Sectors: Business & FinancePharmaceuticals & Healthcare
Regions: Europe
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Important Regional Story
