Breaking News
Investing Pro 0
👀 Bezos, Buffett & Berkowitz: What's in Their Portfolios? Unlock Data

Head of Bayer's crop unit quits in aftermath of profit rout

Published Nov 09, 2021 02:03AM ET Updated Nov 09, 2021 03:41AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
© Reuters. FILE PHOTO: Logo of Bayer AG is pictured at the annual results news conference of the German drugmaker in Leverkusen, Germany February 27, 2019. REUTERS/Wolfgang Rattay
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio

By Ludwig Burger

FRANKFURT (Reuters) -Germany's Bayer (OTC:BAYRY) said on Tuesday that Liam Condon, the head of its crop science unit which includes Monsanto (NYSE:MON), would quit at the end of the year following disappointing results.

The maker of pharmaceuticals and agricultural supplies said Condon wanted to pursue other career opportunities and Rodrigo Santos, the Crop Science Division's chief operating officer, would take over from him on Jan. 1.

The news came as Bayer lifted its overall group earnings guidance, helped by demand for its non-prescription pharmaceuticals and better-than-expected sales of eye drug Eylea.

The crop science division, however, has underperformed in recent years as Condon led it through tumultuous times, including the $63 billion takeover of U.S. seeds giant Monsanto. Orchestrated in 2016 by Condon's boss, Chief Executive Werner Baumann, the takeover later burdened Bayer with billions of dollars in legal costs over claims that Monsanto's main herbicide causes cancer.

Bayer last year fell behind its closest rival Corteva (NYSE:CTVA) in the U.S. market in a race to launch new soy seeds that resist certain weedkillers. Crop science earnings in the second quarter of this year were burdened by rising raw material costs.

Trying to contain the litigation over herbicide Roundup, Bayer in August filed a petition with the U.S. Supreme Court to reverse an appeals court verdict that upheld damages to a customer blaming his cancer on the glyphosate-based weedkiller.

CEO Baumann last year won a contract extension until 2024, but he said at the time that due to personal plans he had opted for a shorter term than was initially offered to him.

Chairman Norbert Winkeljohann, in the company's statement, thanked Condon for having “successfully led and strategically transformed the Crop Science Division,” but Bayer gave no further reasons for his departure.

Bayer also on Tuesday reported that third-quarter earnings before interest, tax, depreciation and amortisation (EBITDA) before special items rose 16.4% to 2.09 billion euros ($2.41 billion), surpassing an average analyst forecast of 1.94 billion.

This was mainly due to prescriptions of Eylea, a treatment to avert blindness, gains at the group's unit making non-prescription remedies and at crop science. The bulk of the agriculture unit's annual earnings are generated during the first half, when farmers in the northern hemisphere typically purchase seeds and pesticides.

The group said full-year adjusted earnings per share were now expected to come in at between at 6.50 and 6.70 euros, when excluding currency swings. That is up from 6.39 euros in 2020 and compares with a previous target of 6.40 euros to 6.60 euros.

Head of Bayer's crop unit quits in aftermath of profit rout

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your profile, will be public on and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
Sign up with Email