Bayer announced business restructuring and job cuts – Kommersant

German chemical concern Bayer Group announced on business restructuring to improve financial performance. The restructuring plan involves simplifying the management model, eliminating bureaucracy and speeding up decision-making processes. The implementation of the plan will inevitably lead to massive job cuts, the concern notes in a statement. First of all, they will affect management positions.

“Our new operating model is designed to make Bayer a more dynamic and innovative company. However, its implementation will be carried out at the expense of many management employees,” explained Barbara Gansevendt, who heads the executive committee of the Bayer Group.

Job cuts will begin in the coming months and are expected to end by the end of 2025. For now, Bayer cannot give specific figures on the number of employees being laid off, since decisions on layoffs will be made decentralized.

Last November reportedthat Bayer is considering options to split its business due to weak financial performance. These options included spinning off either the health care products or agricultural fertilizer operations into a separate company. Management promised to present specific steps to restructure the company’s structure in March 2024 along with the publication of the annual financial report.

Many pharmaceutical companies have announced job cuts in recent months as they face falling revenues following the end of the COVID-19 pandemic. Among these companies were Pfizer, Novavax, Bristol-Myers Squibb.

Read about how Bayer retained the rights to the drug sorafenib in Russia in the Kommersant article. “The cancer drug was shared peacefully”.

Kirill Sarkhanyants