By RTT News,
June 03, 2014, 11:19:00 AM EDT
(RTTNews.com) - German conglomerate Bayer AG (BYR.L, BAYRY, BAYZF) said Tuesday that its Supervisory Board has extended the contract of Chief Executive Officer Marijn Dekkers by another two years until the end of 2016. The move to extend the contract only for two years after the expiration of the initial five-year period was made in line with the wish of Dekkers, who cited family reasons for the decision.
"We are pleased that Dr. Dekkers, under whose leadership Bayer has continued its very positive development, will remain with us for a further two years. At the same time, today's resolutions lay the foundation for the sustained future development of our company and see us well placed in the long term in the areas of strategy and portfolio management," said Werner Wenning, Chairman of the Supervisory Board.
Dekkers, age 56, has been the CEO of the company since October 2010. He joined Bayer on January 2010 after after spending 25 years of his career in the U.S.
Earlier, Dekkers became Chief Operating Officer of Thermo Electron Corp., now Thermo Fisher Scientific Inc. ( TMO ), in 2000 and was later promoted after two years as the President and CEO of the company until late 2009.
Dekkers began his professional career in 1985 as a scientist at the corporate research center of General Electric Co. ( GE ) in the U.S., gaining experience in various units of the company before joining AlliedSignal, now Honeywell International Inc. ( HON ) in 1995.
Additionally, the Supervisory Board also appointed Werner Baumann, age 51, currently Chief Financial Officer, as Chief Strategy and Portfolio Officer effective October 1, 2014. Baumann's existing contract runs until December 31, 2017.
The Supervisory Board also promoted Johannes Dietsch to become the Chief Financial Officer of the company, effective October 1, 2014. Dietsch, age 52, is currently serving as senior Bayer representative and CFO for Greater China based in Shanghai. Dietsch will be appointed to the Board of Management of Bayer AG effective September 1, 2014.
On Frankfurt's Xetra, Bayer shares are currently trading at 105.50 euros, down 1.10 euros or 1.03% on a volume of 0.92 million shares.
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