MON Monsanto Company (delisted)

By Allison Prang 

Monsanto Co. Chief Executive Hugh Grant will leave the company after Bayer AG closes its purchase of the agriculture firm he has led for about 15 years.

Mr. Grant has worked at Monsanto for 35 years and has served as chairman and CEO since 2003.

Chief Financial Officer Pierre Courduroux and a number of other top executives, such as the company's general counsel and chief technology officer, are also leaving after the deal is completed, Monsanto said Monday. Monsanto Chief Operating Officer and President Brett Begemann -- along with some other Monsanto executives -- will become part of Bayer's crop science executive leadership team when the deal is completed.

The companies agreed to the deal in September of 2016. Earlier this year, Bayer and Monsanto both agreed sell more assets to get the deal approved by government regulators. The Justice Department had been concerned that the deal valued at more than $60 billion could impact competition in the U.S.

Bayer is targeting to close the purchase in the second quarter of this year.

Write to Allison Prang at allison.prang@wsj.com

(END) Dow Jones Newswires

May 07, 2018 09:32 ET (13:32 GMT)

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