Bayer Reshapes Pharmaceutical Division Leadership to Fuel Growth
By Andrea Figueras
Bayer streamlined the leadership team of its pharmaceutical division in a move to boost growth.
Sebastian Guth will take new role of chief operating officer, effective from April 1. He will be responsible for the commercial operations of all markets in which the company is active, the German pharmaceutical and agricultural conglomerate said Wednesday.
The division is focusing on renewing its top line, growing its portfolio value and leveraging a new operating model, with the aim of becoming a growth driver for the company, Bayer said.
The company also created a new organization called global commercialization, which will be headed by Christine Roth as of June 1.
The organization comprises parts of the former Oncology, Global Marketing and Digital & Commercial Innovation business unit as well as parts of Medical Affairs & Pharmacovigilance.
"These changes within our leadership team reflect this new approach to realize the full potential of our growth opportunities," member of the management board and president of the pharmaceuticals division Stefan Oelrich said.
Bayer has been striving to cut debt and lift its beleaguered share price. Investors have pressured the company to spin off, as its three units--crop science, consumer health and pharmaceuticals--are highly diversified.
Earlier this month, the company said it wasn't planning to split into separate units for the time being and that it intended to focus on building a strong pharmaceuticals pipeline, addressing litigation, reducing debt, and continuing to implement its new operating model.
Write to Andrea Figueras at andrea.figueras@wsj.com
(END) Dow Jones Newswires
March 20, 2024 08:28 ET (12:28 GMT)
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