Bayer chair Werner Wenning to quit after Monsanto purchase sours

Bayer CEO Werner Baumann and chair Werner Wenning in Bonn, Germany, April 26 2019. Picture: REUTERS/WOLFGANG RATTAY

Bayer bought Monsanto in order to solidify its hold on the lucrative agrochemicals and seeds market. But the transaction has saddled Bayer with suits from tens of thousands of plaintiffs claiming the Roundup herbicide causes cancer. Wenning said he wanted to leave IN 2019 but was asked to stick around “in view of the company’s situation at that time”, with investors in open rebellion and legal challenges to Roundup mounting.

Major investors — including US billionaire Paul Singer’s Elliott Management — pushed Bayer towards settlement talks with at least 42,700 plaintiffs who claim that Roundup causes cancer. Bayer maintains there is no link but agreed to postpone some further trials and give mediation a chance after losing three California cases that resulted in combined damages of $191m. At least a half-dozen trials scheduled to start in February and March have been put on hold.

Meanwhile, Winkeljohann brings a fresh eye to Bayer’s Monsanto troubles, but he’s “missing experience in the US and in the pharma and agriculture sectors”, Speich said.

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