Bayer extends CEO Bill Anderson's contract through 2029

The Supervisory Board of Bayer AG has decided to extend CEO Bill Anderson's contract until March 31, 2029. His previous contract was due to expire in 2026. Anderson took over the company in June 2023.

The decision comes amid a broad restructuring. Bayer is implementing measures to strengthen its pharmaceutical pipeline, increase the profitability of its agricultural division, reduce debt, contain legal risks in the United States, and simplify its organizational structure.

"The company is already showing clear results, but there's still a lot of work to be done," said Norbert Winkeljohann, Chairman of the Supervisory Board. He said Anderson is leading a recovery program that's crucial for Bayer's future.

In the pharmaceutical sector, the company launched new products with strong growth. In the agricultural segment, it initiated actions within a five-year plan to improve profit margins. Bayer also advanced with the "Dynamic Shared Ownership”, which seeks to eliminate bureaucracy and speed up decisions by transferring power to teams close to customers.

Since adopting the new model, Bayer has reportedly cut management positions in half and reduced approximately 11 jobs. The company is approaching its goal of saving €2 billion by 2026. Debt has also fallen.

On the legal front, Bayer is executing a multi-pronged strategy to reduce risks arising from legal disputes involving glyphosate in the United States.

Anderson believes Bayer is progressing well despite the challenges. "Our team has the right focus and plan to transform Bayer into the most agile, innovative, and lean life sciences company," he said.

A chemical engineer, Anderson began his career in 1989. He worked at companies such as Biogen, Genentech, and Roche, where he was CEO of the pharmaceutical division before joining Bayer.