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(Bloomberg) — Bayer AG appointed Judith Hartmann as chief financial officer from June next year in the latest change to the struggling German company’s management team.
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Hartmann will replace Wolfgang Nickl, who has been Bayer’s CFO since 2018, the company said in a statement. She joins from private equity firm Sandbrook Capital, where she was an operating partner. Hartmann previously was CFO at French energy group Engie as well as the conglomerate Bertelsmann.
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Nickl took on the role of CFO just days before Bayer closed the $63 billion acquisition of farming giant Monsanto Co. in June 2018. That deal plunged Bayer into a state of crisis from which it has yet to emerge, with the stock down more than 70% amid the avalanche of litigation in the US over old Monsanto products.
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Last year, Nickl extended his contract through the end of May 2026 — after previously planning to retire in spring 2025 — in a bid to continue guiding Bayer “through the current challenges,” Chairman Norbert Winkeljohann said at the time.
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Hartmann brings strong strategic and operational skills to Bayer and a history of leading companies through periods of difficulty, Winkeljohann said in Thursday’s statement.
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Bayer Chief Executive Officer Bill Anderson, who took over in 2023, has pledged to largely contain the legal risk by next year and has said he’s open to one day revisiting whether the company’s conglomerate model — which has divisions for pharmaceuticals, crop science and consumer health — makes sense.
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(Updates with background on Nickl and more detail on Hartmann)
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English (US)