LEVERKUSEN, Germany, Sept. 13 /PRNewswire/ -- Werner Wenning (54),
currently Chief Financial Officer of Bayer AG, will be the new Chairman of the
company's Board of Management. This was decided at today's meeting of Bayer's
Supervisory Board. At the end of the Annual Stockholders' Meeting on
April 26, 2002, Wenning will succeed Dr. Manfred Schneider (62), who has run
the company since April, 1992. At that Meeting, Schneider will stand for
election to the Supervisory Board and will be a candidate for its
chairmanship.
As Chief Financial Officer, Wenning played a decisive role in Bayer's
introduction of value management, a profitability-based controlling tool
designed to increase corporate value. He also linked the performance-related
remuneration of the company's managers to the value management system.
Wenning is an acknowledged financial expert who is widely respected by the
international capital markets.
Said Supervisory Board Chairman Hermann Josef Strenger, commenting on
Wenning's appointment: "I firmly believe that Werner Wenning is the right man
for the job. His decisiveness and perseverance are convincing arguments in
his favor."
Wenning has broad experience of Bayer's operations. Born on October 21,
1946 in Leverkusen-Opladen, he joined Bayer AG in Leverkusen as a commercial
trainee on April 1, 1966. He then took a year's training in finance and
accounting followed by a year working in the Corporate Auditing Department.
In 1970 Bayer transferred him abroad for the first time to head up the finance
and accounting department of Bayer Industrial S.A., a company that had just
been formed in Lima, Peru.
In 1975 Wenning returned to Leverkusen, where he worked for three years in
Corporate Auditing, before going back to South America in 1978 to become
Managing Director of the Peruvian company.
From 1983 to 1986, he was head of the staff department of the Health Care
Sector in Leverkusen. He subsequently switched to the Plastics Business Group
as head of marketing for thermoplastics, and in 1987 assumed responsibility
for that business group's worldwide marketing operations.
On April 1, 1991, Wenning was seconded for a year to what was then the
Treuhandanstalt privatization agency in Berlin. In 1992 he went abroad again,
this time to Barcelona as Managing Director of Bayer Hispania Industrial S.A.
and Senior Bayer Representative for Spain. In April, 1996 he became head of
Corporate Planning and Controlling in Leverkusen.
Werner Wenning was appointed to the Board of Management of Bayer AG
effective February 1, 1997. He is Chairman of the Board Committee for Finance
and a member of the Board Committees for Corporate Coordination and for Human
Resources. He is also the representative for the Central and South America,
Africa and Middle East regions.
Wenning also holds a number of offices outside Bayer. For example, he is
a member of several supervisory boards and Vice President of Deutsches
Aktieninstitut e.V., Frankfurt.
Werner Wenning is married with two grown-up daughters. He is a keen
sports fan, was an active soccer player and now goes jogging to keep fit. He
enjoys attending soccer matches whenever his schedule permits. Since the time
he spent living and working in Barcelona, he has taken an enthusiastic
interest in Spain and its cultural heritage.
This news release is also available in German at http://www.baynews.bayer.de and
in French, Spanish and Italian at http://www.news.bayer.com.
SOURCE Bayer AG
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CONTACT:
Gunter Forneck of Bayer, + 49 214 30 50446,
or guenter.forneck.gf@bayer-ag.de, or Hans von Hochberg, + 49 214
30 82895, for Bayer
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