Bayer CEO Werner Baumann. Picture: REUTERS
That is where the German pharma and chemicals giant faces 13,400 lawsuits claiming that Monsanto’s Roundup weedkiller causes cancer. Even as it fights the cases, the company’s shareholders handed CEO Werner Baumann an unprecedented rebuke last week. Bayer’s board circled the wagons afterward, saying it maintains full confidence in Baumann. Several top investors consider the move a sign that Bayer is unwilling to address shareholder concerns, according to people familiar with the situation.The vote was non-binding, but other German CEOs have lost their jobs even after securing more support than Baumann.
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