Planned top executive moves at Bayer and Sanofi

There were a couple of surprise planned departures and relocations revealed at European pharmaceutical majors, first at Germany’s Bayer (BAYN: DE) and also at France’s Sanofi (Euronext: SAN).

At its meeting yesterday, the supervisory board of Bayer AG took a number of decisions relating to the future composition of the company’s board of management.In line with his own wishes, the contract of chief executive Marijn Dekkers will be extended by just two years on expiration of the initial five-year period.

Dr Dekkers (aged 56) cited family reasons for extending his contract only until the end of 2016. Dr Dekkers informed Bayer employees that he plans to split time between the USA and Germany as of 2016. "My obligations as chief executive at Bayer wouldn't allow me this personal flexibility, and I wouldn't be able to work successfully living on two continents," he said. The company indicated that the supervisory board would select a CEO replacement at a later date

To ensure continuity in key aspects of Bayer’s future development, the supervisory board has appointed Werner Baumann, currently chief financial officer, as chief strategy and portfolio officer, effective October 1, 2014. Mr Baumann’s existing contract runs until December 31, 2017.

Also effective October 1, 2014, Johannes Dietsch, currently senior Bayer representative and CFO for Greater China based in Shanghai, will assume the position of chief financial officer of the group. He will be appointed to the board of management of Bayer AG effective September 1, 2014.