MOVES: Former Bayer CEO Wenning proposed to head supervisory board

23 February 2012 19:17  [Source: ICIS news]

LONDON (ICIS)--Bayer wants former CEO Werner Wenning to join its supervisory board and take over as chairman, effective on 1 October, the Germany-based chemicals and pharmaceuticals major said on Thursday.

Wenning stepped down as Bayer’s CEO in September 2010 when he was succeeded by Marijn Dekkers.  

However, a two-year cooling-off period under German corporate law prevented Wenning from immediately joining the company’s supervisory board.

Bayer said it would propose Wenning’s appointment at a shareholder meeting in April.

If approved, Wenning would take over from Manfred Schneider as chairman. Schneider was Wenning's predecessor as Bayer's CEO, serving for 10 years until 2002.

Under Bayer’s proposal, Wenning would be paid €360,000/year ($473,684/year) in basic compensation for his service as chairman, it said.

Bayer also said that it would propose to shareholders that Sue Rataj, member of the board of directors of US chemicals firm Cabot, be appointed to the supervisory board. Rataj is a former chief executive of BP’s petrochemicals business.

($1 = €0.76)

By: Stefan Baumgarten
+1 713 525 2653

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