Bayer strikes deal with labour reps on major cuts to managerial jobs

17 Jan 2024
firstwordpharma.com
Bayer announced Wednesday that it hammered out a deal with union representatives outlining a substantial cut in managerial positions, while extending a commitment that avoids mandatory layoffs in Germany until the end of 2026. The management job cuts will be implemented "swiftly" over the coming months and be completed by the end of 2025 at the latest, the company added.
"Bayer is currently in a difficult situation for various reasons," stated executive board member Heike Prinz. "In order to make rapid, sustainable improvements to our operational performance and our room to manoeuvre, far-reaching measures are necessary."
Last November, new CEO Bill Anderson said he was weighing options to split up the company in order to improve its financial situation. As part of that process, he also unveiled plans to simplify decision-making at Bayer by removing several layers of management via a "significant reduction" in the workforce.
However, a German trade union recently pushed back against a possible Bayer split, arguing that such a move would endanger jobs in the country. Bayer said it has 22,200 staff in Germany, accounting for about a fifth of its global workforce.
The company has been navigating a number of hurdles, including dealing with longstanding litigation that involves paying out millions in order to settle claims that its Roundup weedkiller caused cancer. More recently, Bayer suffered another blow when it stopped a large late-stage trial testing the new anticoagulant drug asundexian due to lack of efficacy, tossing its most promising development project in doubt.
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