Change At Bayer Consumer Helm As Drive To Top Stalls
This article was originally published in The Pink Sheet
Bayer hires Heiko Schipper away from Nestle's nutritional products business to succeed Erica Mann as its consumer division chief. Mann intended to resign at the end of 2018 but will step down early because Schipper will take the division top spot in March.
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As Merck KGAA and Pfizer shop their consumer health businesses, large pharmas J&J, Bayer AG and Sanofi, health and household care marketer Reckitt Benckiser and a smaller firm expanding its OTC focus, Prestige Brands, are among the firms with reasons to consider changing their own consumer health lineups.
“There is a ton of work still for us to do,” Erica Mann, Bayer’s global consumer head, said after the firm reported disappointing second-quarter results. The root of the problem is over-estimating the revenue boost from former Merck & Co. brands, the firm says.
The $14.2 billion deal is “a major milestone on our path toward global leadership” in OTC sales, says Bayer Chairman Marijn Dekkers. The acquisition focuses on expanding international sales of Merck products including the Claritin allergy, Coppertone sunscreen and MiraLax constipation lines.