Bayer’s new CEO says nothing is off the table as he reviews strategy
BAYER chief executive officer Bill Anderson said nothing is off the table as he reviews the company’s strategy and structure in his first months on the job, in preparation for unveiling a new plan early next year.
Management is spending most of its time on strategy and corporate structure, he said at the start of the first earnings webcast that he headed. He said he would give detailed plans and financial targets for Bayer at the start of 2024.
“We have to do better to win back your trust,” said Anderson, who began as CEO in June. “We haven’t realised our full potential.”
He will need to decide whether to continue Bayer’s conglomerate structure, which combines crop science, pharmaceutical and consumer-health divisions. Bloomberg has reported that activist investor Bluebell Capital Partners has built a stake in the company, and is pushing for a breakup.
His predecessor Werner Baumann was a staunch defender of the current setup, after spending US$63 billion in 2018 on crops giant Monsanto. The deal saddled Bayer with massive legal headaches related to the Roundup weedkiller, which faced claims that it causes cancer.
Anderson said his management team has set three priorities: a fulfilled and productive workforce, world-leading innovation and superior financial performance.
“They’re going to guide every single strategic decision we make,” he said. “That’s the focus that Bayer needs right now.” BLOOMBERG
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