{"id":11011,"date":"2023-11-08T09:09:35","date_gmt":"2023-11-08T09:09:35","guid":{"rendered":"https:\/\/infundpros.com\/business\/bayer-chief-blasts-conglomerates-performance-as-unacceptable\/"},"modified":"2023-11-08T09:09:35","modified_gmt":"2023-11-08T09:09:35","slug":"bayer-chief-blasts-conglomerates-performance-as-unacceptable","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=11011","title":{"rendered":"Bayer chief blasts conglomerate\u2019s performance as \u2018unacceptable\u2019"},"content":{"rendered":"<div>\n<p>Unlock the Editor\u2019s Digest for free<\/p>\n<p class=\"article__content-sign-up-topic-description\"><span>Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.<\/span><\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=e3c404cd-c95a-4eb2-8d87-19a2e1c78de5\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>Bayer\u2019s new chief executive Bill Anderson has blasted the German conglomerate\u2019s performance as \u201cnot acceptable\u201d, underlining the group\u2019s struggle to revive its fortunes after the ill-fated acquisition of Monsanto. <\/p>\n<p>The company, which is best known for creating aspirin more than a century ago, is exploring splitting off its crop sciences business or its consumer health division in an effort to appease disgruntled investors.<\/p>\n<p>Anderson, who has led Bayer since April after joining from Swiss drugmaker Roche, has previously said that all options were on the table but on Wednesday narrowed those down, ruling out splitting the group into three.<\/p>\n<p>Bayer\u2019s $63n acquisition of US crop science group Monsanto in 2016 has so far failed to deliver on its promise. It has instead saddled the German company with debt and a vast legal fight in the US over Monsanto\u2019s allegedly carcinogenic weedkiller Roundup. Bayer has denied the product causes cancer.<\/p>\n<p>In a statement on Wednesday alongside Bayer\u2019s third-quarter results, Anderson said: \u201cWe\u2019re not happy with this year\u2019s performance.\u201d The American added that \u201cnearly 50 billion euros in revenue but zero cash flow is simply not acceptable\u201d.<\/p>\n<p>Headquartered in Leverkusen, Bayer lowered its full-year forecast over the summer. Anderson said on Wednesday that meeting the revised forecast could be a stretch because it \u201crequires a strong fourth quarter\u201d. <\/p>\n<p>In the third quarter, operating profit excluding one-offs plunged 48 per cent from a year ago to \u20ac709mn while revenues dropped 8 per cent to \u20ac10.3bn. Excluding currency swings, revenues were largely stable. Net debt climbed 8 per cent to \u20ac38.7bn.<\/p>\n<p>The company said it would cut \u201cmultiple layers of management and co-ordination\u201d by the end of this year as Anderson aims to shift the bulk of the decision-making \u201cfrom managers to the people doing the work\u201d. This will result in \u201ca significant reduction in the workforce\u201d.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.ft.com\/content\/e3c404cd-c95a-4eb2-8d87-19a2e1c78de5\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Unlock the Editor\u2019s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Bayer\u2019s new&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":{"0":"post-11011","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bayer chief blasts conglomerate\u2019s performance as \u2018unacceptable\u2019 | inFundPros<\/title>\n<meta name=\"description\" content=\"Unlock the Editor\u2019s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Bayer\u2019s new chief executive\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=11011\" \/>\n<meta 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