German chemicals company Bayer AG will likely launch the search for a successor to Chief Executive Officer Werner Baumann this year, supervisory board chairman Norbert Winkeljohann said Tuesday.

Mr. Baumann's CEO contract was extended last year until the end of April 2024 and he will fulfill this contract, Mr. Winkeljohann said at the company's annual shareholders' meeting.

Mr. Baumann has been at the helm of the German pharmaceutical and chemical conglomerate since 2016 and oversaw the controversial takeover of Monsanto, which led to Bayer inheriting the litigation for the Roundup weedkiller.

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(END) Dow Jones Newswires

April 27, 2021 07:43 ET (11:43 GMT)

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