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Bayer's board backs CEO for now

  • Despite a vote of non-confidence, Bayer's (OTCPK:BAYRY) board is sticking with CEO Werner Baumann as two of the drugmaker's largest investors - Deka and Union Investment - said management needed to stay at the helm for now to avoid further upheaval.
  • "A hasty replacement of the CEO would only increase the risk of a break-up and therefore can’t be in the interest of long-term oriented investors."
  • Bayer shares have fallen about 36% over the past year as the company faced a wave of lawsuits claiming that Roundup - the weedkiller acquired through its $63B takeover of Monsanto - can cause cancer.

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