Bayer names new chairman

German pharma major Bayer (BAYN: DE) has announced that Werner Baumann is to take over as chairman of the firm's board of management on May 1.

The 53-year-old replaces current chairman and chief executive Marijn Dekkers who is standing down eight months before his contract was due to end. Dr Dekkers said he had proposed dissolving his contract early to Bayer’s supervisory board.

“With its clear focus on the life science businesses and its new organizational structure, Bayer is in a position of strength,” said Dr Dekkers. The course for successful future development has already been set at all levels. Also with a successor from within the company there will be no need for a familiarization period.I would like to wish Werner Baumann every success in his new role.”