The big-name investor is considering options ahead of the shareholder meeting next month including requesting a no-confidence vote in Baumann or voting against ratifying the performance of the management, said the people. Either step would significantly raise pressure on Bayer’s supervisory board to reshuffle leadership.
Bayer AG’s long-time investor Temasek Holdings is pushing for the removal of CEO Werner Baumann, according to people familiar with the matter, ratcheting up pressure just as the German crops and drugs giant started reversing a years-long stock slump.
The Singapore state investor has communicated its displeasure about current leadership to the company and supervisory board Chairman Norbert Winkeljohann, the people said, asking not to be identified discussing non-public information. Temasek has longstanding concerns about Bayer’s operating performance under Baumann and the company’s lack of succession planning, they said.
