Bayer's new CEO plans to cut management jobs to speed up decision-making as a first step to overhaul the embattled German industrial group, which is facing investor pressure to break up, three people familiar with the matter said.
new CEO plans to cut management jobs to speed up decision-making as a first step to overhaul the embattled German industrial group, which is facing investor pressure to break up, three people familiar with the matter said.
Anderson plans to soon present initial plans for cutbacks at an internal strategy meeting, one of the sources said, while another said the measures would affect middle-to-upper layers of management, resulting in as yet unspecified one-off costs for golden handshakes for departing employees.A Bayer spokesperson declined to comment.
He added at the time that he will change from annual to 90-day budgeting cycles, and let teams of people close to customers make business decisions, rather than a layer of management above them.Among the people leaving the maker of drugs and pesticides under the overhaul, for which the CEO has hired consultancy firm McKinsey, is head of group strategy Oliver Kohlhaas, who will not be replaced, two of the sources said.
Partners told Reuters last month the company needs to separate its three main businesses - agriculture, prescription drugs and consumer health products.called for a breakup earlier this year. Other top investors, including mutual funds group Deka, had railed against the company's previous leadership. Some have said an easy fix would be to separate the healthcare and agricultural businesses.
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