Bayer CEO to leave end-2016; CFO to become head of strategy

FRANKFURT, June 3 Tue Jun 3, 2014 9:16am EDT

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FRANKFURT, June 3 (Reuters) - German drugmaker Bayer AG said its Chief Executive Marijn Dekkers would quit at the end of 2016 and that the group's finance chief would be put in charge of strategy to "ensure continuity".

"In line with his own wishes, the contract of Dr. Marijn Dekkers will be extended by just two years on expiration of the initial five-year period. Dekkers cited family reasons for extending his contract only until the end of 2016," the company said in a statement.

The group's Chief Financial Officer Werner Baumann would switch roles to become Chief Strategy and Portfolio Officer in October.

Bayer said this was to "ensure continuity in key aspects of Bayer's future development".

A spokesman said the supervisory board would decide at a later stage who is to succeed Dekkers as CEO. (Reporting by Ludwig Burger; Editing by Kirsti Knolle)

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