Schneider Picked as New Management Board Chairman of Germany's Bayer
Sep. 06, 1991
BONN, Germany (AP) _ Manfred Schneider will take over as management board chairman of Bayer AG, the German chemicals and pharmaceuticals group said Friday.
Schneider, 52, will take over from Hermann Strenger, 63, who is slated to become chairman of the company's supervisory board, succeeding Herbert Gruenewald, 69.
Schneider is to become board chairman after the annual shareholders meeting on April 29, 1992.
Schneider, responsible for marketing and for Western European activities, has been a member of the Bayer management board since January 1987.
He is also on the supervisory board of Bayer's U.S. and Brazilian operations and is a member of the group's management board committee for research and development.
Bayer also said it will reduce its management board to eight members from the current 10 when two board members, Helmut Piechota and Ernst-Heinrich Rohe, retire next year.
As reported last week, Bayer's second-quarter pretax group profit slipped 1.4 percent to 1.07 billion marks, or $615 million, as sales rose 6 percent to 11.42 billion marks, or $6.58 billion.
The results showed Bayer, one of Germany's big-three chemical makers, in better financial health than many analysts had expected.
But observers caution that continued worldwide weakness in the industry is casting doubt over any prospects of a strong recovery in the near to medium term.