Bayer investor Deka has called for CEO Werner Baumann to be replaced ahead of his scheduled departure, adding to mounting pressure on the German drugmaker.
Werner Baumann, CEO of Bayer AG, addresses the German drugmaker's annual results news conference in Leverkusen, Germany, February 27, 2020. REUTERS/Wolfgang Rattay/File Photoinvestor Deka has called for CEO Werner Baumann to be replaced ahead of his scheduled departure, adding to mounting pressure on the German drugmaker.
"Bayer needs a new strategic positioning, which cannot be credibly accomplished under Werner Baumann," Ingo Speich, head of sustainability and corporate governance at Deka, told the Frankfurter Allgemeine Sonntagszeitung newspaper in remarks published on Saturday."There is a window of opportunity for Chairman Norbert Winkeljohann to act before the annual general meeting at the end of April.
Despite recent improvements in the company's agriculture business and drug development prospects, Bayer shares have been weighed down by litigation over glyphosate-based herbicide Roundup and over environmental pollution related to chemicals known as PCBs.Baumann, who engineered the troubled Monsanto deal, was given a new contract in 2020 that runs until 2024 and said at the time he would leave the company when that term expires.
Another activist investment fund, hedge fund veteran Jeffrey Ubben's Inclusive Capital Partners, said this month it had also acquired a stake in Bayer.
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