Bayer proposes Ubben for board seat, swaps consumer unit boss By Reuters

By Ludwig Burger

FRANKFURT (Reuters) – Germany’s Bayer (OTC:) has proposed that Jeffrey Ubben, certainly one of Wall Avenue’s most distinguished activist buyers, be appointed as a non-executive director, it stated on Thursday, because it introduced a management change at its shopper merchandise unit.

The changeover comes because the diversified group faces a deluge of issues together with stifling debt, U.S. litigation alleging hurt from a weed-killer, a significant drug improvement setback, weak agriculture markets and investor stress to separate or promote companies.

Ubben, who’s a member of Bayer’s sustainability council, has been amongst a variety of buyers who’ve lengthy urged the corporate to contemplate a break-up, however he has stored a low profile.

Bayer CEO Invoice Anderson, who was appointed final yr after a number of buyers together with Ubben pushed for his predecessor to be ousted, has stated he was totally reviewing the group’s construction and technique.

“As an internationally famend investor, Jeffrey Ubben will considerably enrich our work on the Supervisory Board due to his a few years of expertise in monetary and capital markets,” Bayer Chairman Norbert Winkeljohann stated.

Ubben in November shut down Inclusive Capital Companions three years after beginning the agency designed to concentrate on social investing.

The closure got here as hedge funds struggled to boost new money, and as a variety of distinguished buyers have been wrong-footed by markets amid rate of interest strikes and geopolitical turmoil.

In a separate assertion, Bayer stated the top of its shopper well being enterprise Heiko Schipper would get replaced by Julio Triana, at the moment working the pharmaceutical unit’s business operations for the worldwide area.

Schipper will go away the corporate on April 30 for an outdoor profession alternative, the corporate stated. He joined in 2018 and was broadly credited for enhancing sagging earnings on the maker of Claritin allergy reduction, and ache killers Aspirin and Aleve.

Some buyers have urged a sale of the enterprise to chop Bayer’s debt load and to focus at issues on the pharmaceutical and agriculture items. CEO Anderson is because of replace buyers on his strategic assessment subsequent week Tuesday.

Biotechnology professional Nancy Simonian and litigation professional Lori Schechter have been additionally proposed to run for board seats in a shareholder vote at Bayer’s annual common assembly on April 26.