Sovereign wealth fund CEO from Singapore wants to oust Bauman

Sovereign wealth fund CEO from Singapore wants to oust Bauman
Bayer Boss Werner Baumann

Shareholders criticize the group’s performance, although it has recently shown operating strength.


(Photo: DPA)

Düsseldorf one of the largest shareholders of BayerSingapore’s sovereign wealth fund Temasek is apparently pushing for the sacking of CEO Werner Baumann. According to financial circles on Sunday, Temasek representatives had explicitly criticized Bayer management for the supervisory board chief Norbert Winkeljohann.

After that, Temasek calls for a new appointment for top management and wants to increase the pressure on Bayer ahead of the annual general meeting in late April. According to a report by Bloomberg news agency, the shareholders’ meeting will have a choice of either refusing to approve the board’s actions or a motion of no confidence. Bloomberg cites people “familiar with the matter” as the source.

Bayer did not want to comment on Sunday and only announced that Temasek has “no similar counterarguments that can be published” to the board’s discharge. Another shareholder, fund company Alatus Capital, has already submitted such a counterclaim and declared non-discharge.

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