Bayer AG and Sanofi, two drugmakers based in Europe, will swap top executives, according to Reuters.
Here are five things to know:
1. Bayer’s pharmaceutical division head, Dieter Weinand, will leave the company and join Sanofi’s leadership team as an executive vice president.
2. At Sanofi, Mr. Weinand will oversee a primary care unit that will comprise diabetes and cardiovascular treatments. He will report to Sanofi’s CEO Olivier Brandicourt and be based in New Jersey.
3. Stefan Oelrich, head of diabetes at Sanofi, will replace Mr. Weinand as the head of Bayer’s pharmaceutical division. He will take the helm in November.
4. The job swap, for Bayer, comes as the drugmaker considers job cuts and outsourcing as part of a review of its drug research and development operations
5. Bayer said Mr. Weinand, who was based in Germany, decided to leave for family reasons, according to the report.
Date: September 17, 2018