Baier on Bayer: At the Annual Stockholders’ Meeting of the Leverkusen-based Bayer Group on April 28, stockholders are expected to elect Horst Baier (63) to the Supervisory Board. The former Chief Financial Officer of Tui would thus take over from Werner Wenning (73), who had unexpectedly announced his retirement at the end of February. Wenning said that he had actually intended to retire last year after reaching retirement age. At the request of the Supervisory Board, however, he had decided to stay on. In view of recent progress – including “legal issues in the United States” – now would be “a good time,” Wenning said. Wenning’s designated successor as Chairman of the Supervisory Board is former PwC Germany head Norbert Winkeljohann (62), whose nomination was criticized by investors.
Criticism of the new chairman of the supervisory board Winkeljohann
“We would have liked a new Chairman of the Supervisory Board with international industrial management experience and deep expertise in the agricultural and pharmaceutical business,” Ingo Speich of Deka Investment told Handelsblatt. Wenning’s resignation means that the Supervisory Board has lost these qualities, he said. Indeed, Bayer cannot compensate for this with the addition of Baier: Before joining Tui in 1996, the Hanoverian-born Baier worked for Continental and the Schickedanz Group, among others. On the Bayer Supervisory Board, Baier is to take over as Chairman of the Audit Committee, which Winkeljohann previously held.