Bayer AG CEO to stand down at the end of 2016

Baumann has been CFO since 2010. Before that he helped oversee the integration of Schering Pharma, which Bayer took over in 2006. Johannes Dietsch, 52, a top executive at Bayer's China business, will take over Baumann's role as head of finance, also effective 1 October 2014. A decision on who is to succeed Dekkers as CEO will be made at a later stage.

“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.

“We are pleased that Dr. Dekkers, under whose leadership Bayer has continued its very positive development, will remain with us for a further two years. At the same time, today’s resolutions lay the foundation for the sustained future development of our company and see us well placed in the long term in the areas of strategy and portfolio management,” said Werner Wenning, Chairman of the Supervisory Board.

Dekkers, who in a previous job was responsible for the merger that created Thermo Fisher, had long focused on bolt-on acquisitions at Bayer but last month secured a USD 14.2 billion deal to buy Merck & Co Inc's consumer care products business.