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.
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