“Bayer is an innovative company that is already delivering tremendous benefits for the nutrition, health and environmental protection of the world,” Anderson said. “Its leading R&D investments in agriculture, medicines and consumer health hold the promise for additional breakthroughs. I look forward to working with the people of Bayer to accelerate innovation, increase performance, advance sustainability and unleash the full potential of the company.”

The CEO announcement comes after investors pressured Bayer to make a change in leadership. Baumann steered the company toward a takeover of pesticide giant Monsanto for $63 billion in 2018. The transaction has been named one of the worst business deals in recent memory, with Bayer seeing a 30% drop in share price following the deal. News of Anderson’s appointment as CEO sent the company’s share price to a recent high. 

"We welcome the timely change at the top of Bayer and hope that the fresh perspective of an external candidate will provide new momentum for the strategy of the company," Ingo Speich, head of sustainability and corporate governance at Deka, an investor in Bayer, told news outlets.

Across his career, which also includes roles at Biogen, Anderson was involved in the development and launch of 25 new medicines, including 15 blockbusters. He will be based in Leverkusen, Germany, in his new role at Bayer. 

“We are very excited to welcome Bill Anderson as new CEO of Bayer. He is the ideal candidate to lead Bayer together with the team into a new, successful chapter at a time of a disruptive innovation cycle in biology, chemistry and artificial intelligence. Bill has an outstanding track record of building strong product pipelines and turning biotech breakthroughs into products. Beyond that, he is a truly transformational leader who creates a culture that propels innovation, boosts productivity and performance, and allows people to thrive,” said Prof. Dr. Norbert Winkeljohann, Chairman of the Supervisory Board of Bayer AG. “Bill Anderson’s mission is clear: enable Bayer to realize its full potential and create sustainable value for our shareholders, farmers, patients, consumers, employees and all stakeholders of the company.”