By Kim Richters

Germany's Bayer AG (BAYN.XE) said Tuesday that it will reduce its management board to five members from seven as part of an efficiency program.

Hartmut Klusik and Kemal Malik will leave the pharmaceutical and chemical company as of Dec. 31, the company said, and their responsibilities will be reallocated.

Mr. Klusik has been a management board member since 2016 and is responsible for human resources, technology and sustainability and serves as Bayer's labor director. Mr. Malik is responsible for innovation and the Asia-Pacific region and has been serving as member of the management board since 2014.

"By streamlining the structure of the board of management, we are optimizing the allocation of responsibilities and contributing to the company's ongoing efficiency program," said Werner Wenning, chairman of the company's supervisory board.

Write to Kim Richters at kim.richters@wsj.com

(END) Dow Jones Newswires

September 10, 2019 09:36 ET (13:36 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
Bayer Aktiengesellschaft (PK) (USOTC:BAYRY)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Bayer Aktiengesellschaft (PK) Charts.
Bayer Aktiengesellschaft (PK) (USOTC:BAYRY)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Bayer Aktiengesellschaft (PK) Charts.