Bayer’s New CEO to Cut Management Jobs in Bid for Turnaround (2)

Bayer AG laid out plans for sweeping changes including significant job cuts in its managerial ranks, as new Chief Executive Officer Bill Anderson seeks to revive the crisis-rattled company.

Workers supported the establishment of a new operating model that will mean eliminating “many managerial employees,” with the job cuts beginning in the coming months and ending in 2025, according to a statement late Wednesday.

Bill Anderson

Photographer: Krisztian Bocsi/Bloomberg

Bayer shares were down as much as 0.8% in early trading Thursday. They’re down nearly 70% since the disastrous purchase of agricultural company Monsanto for $63 billion in 2018.

Anderson joined Bayer in April ...