German chemical and pharmaceutical company “Bayer” announced on Wednesday that it will reduce the number of management positions in the company, taking into account large-scale losses in the third quarter of this year.
In July-September, “Bayer” worked with a loss of almost 4.6 billion euros, compared to a profit of almost 550 million euros in the corresponding quarter last year.
These financial results are mainly explained by losses and a decrease in the volume of trade in the agrochemicals structural unit.
“Bayer” said that by the end of the year, it plans to eliminate several layers of the company’s management and operational coordination, which will entail a significant reduction in the number of employees.
“95% of the decision-making in the company will move from the managers to the people who do the work,” says the company’s CEO, Bill Anderson.
Also, “Bayer” is considering the possibility of dividing the company into two parts, separating the consumer health products or crop science structural unit into a separate company.
Source: LETA, AFP
2023-11-08 10:34:22
#Bayer #reports #massive #thirdquarter #losses #plans #cut #management #positions
