After Investor Flak, German Healthcare Giant Bayer Starts Hunt For New CEO: Report

Bayer AG BAYRY has started a hunt for CEO Werner Baumann's successor, Bloomberg News reported, citing people close to the matter.
The new CEO search may portend an early departure for Baumann, whose contract with Bayer isn't set to expire until April 2024.
Bayer's chairman Norbert Winkeljohann is looking at prospects inside and outside the company to advance a new CEO candidate in time for Bayer's next shareholder meeting in April 2023, Bloomberg reports.
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While the search could telegraph Bayer's intention to replace Baumann before 2024, Bloomberg's sources caveated that it's unclear whether Baumann will be asked to pass the baton early.
Baumann has served as Bayer's CEO since 2016. Bayer has reportedly earmarked about $16 billion to handle lawsuits alleging the Monsanto-acquired weedkiller Roundup causes cancer.
Shareholder discontent flared up again earlier this year when Temasek pushed for Baumann's removal and communicated displeasure about the lack of succession planning and business and stock performance.
On November 16, Baumann is scheduled to answer questions about claims that Roundup causes cancer, according to lawyers for a former user of the weedkiller.
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