Bayer Extends CEO’s Term Through 2029 to Advance Cost-Cutting Overhaul

Bayer CEO Bill Anderson has been given more time to restructure the German agricultural chemicals and pharmaceuticals group.

Anderson's contract, which was due to expire at the end of March 2026, has been extended by three years, the company announced at its headquarters in the German city of Leverkusen on Wednesday.

"Bill Anderson has set the right course and initiated the turnaround with a comprehensive programme," said Supervisory Board Chairman Norbert Winkeljohann.

Anderson, a US national, took over Bayer in 2023 in a difficult situation. His predecessor, Werner Baumann, had acted unwisely and, with the takeover of US competitor Monsanto, had saddled the company with billions in legal risks from the sale of the weed killer glyphosate.

These legacy issues continue to cause problems for Bayer. The statement says that the company is pursuing "a multi-pronged strategy to significantly reduce legal risks, which will be implemented step by step."

Anderson, a chemical engineer who previously worked for pharmaceutical manufacturer Roche, is focusing on significant staff cuts and streamlining work processes.

Many management positions have been eliminated and hierarchies flattened, and employees are expected to work more independently and network better internally.

Since he took up his post 11,000 jobs have been cut. Bayer most recently had around 91,000 employees. As a result of the job cuts and the new organizational structure, the group's costs are expected to be reduced by €2 billion (about $2.3 billion) by 2026, and Bayer believes it is well on track to achieve this.