Bayer Mounts Damage-Control Effort After Roundup Verdicts
- CEO and pharma chief tell employees company will weather storm
- Glass Lewis recommends shareholder vote against management
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Bayer AG has mounted a campaign to reassure staff and shareholders that it can contain fallout over its newly acquired weedkiller Roundup, even as an advisory group urged investors to protest management’s actions and pay.
Chief Executive Officer Werner Baumann held a conference call with employees around the world on Monday, assuring them that the 155-year-old German company will weather the challenge despite a second loss in U.S. courts, according to people familiar with the situation. Investor trust in Baumann is slipping, with proxy adviser Glass Lewis & Co. questioning his bonus and urging a vote of no confidence in him and other executives at Bayer’s annual meeting later this month.