By Joshua Kirby

Bayer AG said Wednesday that Chief Executive Officer Werner Baumann will step down ahead of schedule, to be replaced by Roche Holding AG executive William N. Anderson from June 1.

Mr. Anderson will join the German conglomerate's board of management on April 1, becoming CEO over a transition that will end with Mr. Baumann's retirement at the end of May, Bayer said.

"Werner Baumann will work closely with Bill Anderson to ensure a smooth transition process," the company said.

Mr. Baumann's contract had originally been set to run until April next year.

The appointment of Mr. Anderson--currently CEO of Roche Pharmaceutical--caps a search that began in the middle of last year, Bayer said.

Shares in Bayer rose 6.2% to EUR62.59 following the news.

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

(END) Dow Jones Newswires

February 08, 2023 11:44 ET (16:44 GMT)

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