Bayer won’t break into three divisions, its CEO said Tuesday at the company’s annual Capital Markets Day, where he discussed Bayer’s plans to implement a Dynamic Shared Ownership approach.
“DSO will reduce hierarchy levels, cut bureaucracy, streamline structures and significantly accelerate decision-making,” Bayer said in a news release.
According to the release, the company reached the financial targets for fiscal 2023 in its adjusted guidance.
Bayer posted a loss of $3.19 billion in FY 2023, down from a profit of $4.15 billion in 2022.
It’s easy to be “in the know” about what’s happening in Washington, D.C. Sign up for a FREE month of Agri-Pulse news! Simply click here.
CEO Bill Anderson told investors the company is “badly broken” in four places: The pharmaceutical division’s “loss of exclusivities and pipeline; litigation; our debt levels, and hierarchical bureaucracy that blocks progress.”
The Financial Times reported Monday that the company is lobbying state legislatures in an attempt to reduce its liability in Roundup-related cases. Bayer recently cut its dividend to the bone in an attempt to save money.
Anderson said sales in the company's Crop Science division fell 4% to $25.3 billion, mainly due to significant price declines for glyphosate-based products.
For more news, go to Agri-Pulse.com.
