Bayer AG has unanimously extended CEO Bill Anderson's contract by three years until March 31, 2029, the German pharmaceutical and agricultural giant announced Wednesday.
The extension comes as Anderson, who took the helm in June 2023, leads a comprehensive restructuring program aimed at addressing the company's challenges, including legal liabilities and high debt levels.
"Bayer is in the middle of a far-reaching transformation," said Prof. Dr. Norbert Winkeljohann, chairman of Bayer's supervisory board. "Bill Anderson is charting the right course and has initiated a comprehensive turnaround program in an important phase for Bayer."
Since implementing its new "Dynamic Shared Ownership" operating model, Bayer has significantly flattened its organizational structure, cutting management positions by approximately half and eliminating about 11,000 jobs companywide. These changes are part of efforts to achieve €2 billion ($2.17 billion) in planned savings by 2026.
The company reported progress on its five strategic priorities, including strengthening its pharmaceutical pipeline, improving profitability in its crop science division, implementing the new operating model, reducing debt, and managing legal risks in the United States related to Roundup herbicide litigation.
"With our mission of 'Health for all, Hunger for none,' we serve the needs of people all around the world," Anderson said. "I truly believe that our team has the right focus and the right plan to become the leanest, fastest, and most innovative life science company."
Anderson, 58, joined Bayer after serving as CEO of Roche Pharmaceuticals. His previous experience includes leadership positions at Genentech and Biogen, following earlier roles at Ethyl Corporation and Raychem Corporation.
The American chemical engineer's original contract was set to expire in March 2026.
