LEVERKUSEN, Germany and PITTSBURGH, April 28 /PRNewswire-FirstCall/ --
Bayer AG shareholders voted at their annual meeting to adopt a new
organizational structure proposed by the Bayer AG Board of Management. The
proposal represents for Bayer far-reaching changes that are expected to
provide maximum operational and strategic flexibility and meet new challenges
in the marketplace where the company competes. The company's Supervisory
Board has approved the new global structure and executive appointments.
Consistent with the global reorganization, Bayer's U.S. subsidiary, Bayer
Corporation, announced its new organizational structure and leadership team
for North America. The new organization includes five operating companies and
a service company within a management holding structure.
In 2002, Bayer had global sales of Euros 29.6 billion, of which
approximately Euros 9 billion were from North American operations.
Bayer's new organization in the United States comprises five operating
companies: Bayer CropScience LP, Bayer Chemicals Corporation, Bayer HealthCare
LLC, Bayer Polymers LLC and Bayer Pharmaceuticals Corporation. Separately, it
has also created a service company, Bayer Corporate and Business Services LLC.
These six businesses are under the umbrella of the holding company, Bayer
Corporation.
As previously announced, Dr. Attila Molnar, the Senior Representative of
Bayer in North America, is President and CEO of Bayer Corporation.
Bayer Polymers, Bayer Chemicals, Bayer Corporate and Business Services and the
Bayer Corporation holding company are based in Pittsburgh. The following
executives have assumed new leadership responsibilities within the new Bayer
organization:
Rolf Classon, former President of Bayer's Diagnostics Business Group, was
appointed President and CEO of Bayer HealthCare LLC, headquartered in
Tarrytown, N.Y., and Chairman of the global Bayer HealthCare Executive
Committee.
Randall Dearth was appointed President and CEO of Bayer Chemicals
Corporation with responsibility for the United States and Canada. Dearth
formerly was head of Bayer's global Powder Coatings business.
Colin Foster, former Executive Vice President of Bayer Corporation and
President of Bayer Pharmaceuticals North America, was appointed President and
CEO of Bayer Pharmaceuticals Corporation USA and Region Head, North America,
for the Pharmaceutical business, headquartered in West Haven, Conn.
Emil Lansu is Head of the NAFTA region for Bayer CropScience and President
and CEO of its U.S. organization, Bayer CropScience LP, with headquarters in
Research Triangle Park, N.C. Bayer CropScience is the combination of the crop
science businesses of Bayer and Aventis, following Bayer's successful
acquisition of the global crop science business of Aventis.
Ian Paterson was appointed President and CEO for Bayer Polymers LLC and
Head, Bayer Polymers Americas Region. The Americas Region includes Bayer's
polymers business in South, Central and North America. Paterson was
previously head of the Bayer organization in Brazil and has had experience in
all of Bayer's polymers businesses.
Joseph Akers was appointed President and CEO of Bayer Corporate and
Business Services LLC. Akers will also retain his responsibilities as chief
financial and administrative officer for Bayer Corporation. Services offered
by the new service company include information systems, procurement and
technology, as well as financial and administrative services.
Bayer's five operating companies -- CropScience, Chemicals, HealthCare,
Polymers and Pharmaceuticals -- produce a broad range of products found in
nearly every house, hospital, farm and factory across America. Its products
help diagnose and treat diseases, purify water, preserve local landmarks,
protect crops, advance automobile safety and durability and improve people's
lives.
One of Fortune magazine's Most Admired Companies, Bayer promotes science
literacy and hands-on education through its Making Science Make Sense
educational initiative. Approximately 5 percent of Bayer's 21,600 employees
volunteer in local schools, and more than 500 charitable organizations receive
funding from the Bayer Foundation. In 2002, Bayer's diversity efforts were
honored with the Catalyst Award for its Women: Leaders for the Global
Marketplace program.
The worldwide Bayer Group (NYSE: BAY) is based in Leverkusen, Germany, and
has some 120,000 employees. Its stock is a component of the DAX and is listed
on the New York Stock Exchange.
Forward-Looking Statements
This news release contains forward-looking statements based on current
assumptions and forecasts made by Bayer Group management. Various known and
unknown risks, uncertainties and other factors could lead to material
differences between the actual future results, financial situation,
development or performance of the company and the estimates given here. These
factors include those discussed in our public reports filed with the Frankfurt
Stock Exchange and with the U.S. Securities and Exchange Commission (including
our Form 20-F). The company assumes no liability whatsoever to update these
forward-looking statements or to conform them to future events or
developments.
SOURCE Bayer Corporation
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CONTACT:
Bill Allan of Bayer, +1-412-777-5666
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