German aspirin maker Bayer names new CEO

German pharmaceuticals giant Bayer, maker of Aspirin, on Wednesday named Werner Baumann as its new chief executive to replace Marijn Dekkers who is stepping down at the end of April.

"Effective May 1, Werner Baumann will become the new chairman of the board of management. This was decided by the company's supervisory board at its meeting today," Bayer said in a statement.

Fifty-eight-year-old Dekkers, CEO since October 2010 and whose contract was originally scheduled to run until December 31, 2016, "proposed to the supervisory board that his contract be dissolved effective April 30, following the annual stockholders' meeting," the statement said.

"The supervisory board approved this proposal."

Baumann is currently board member responsible for strategy and portfolio management.

Supervisory board chief Werner Wenning said Bayer was "very grateful" to Dekkers.

"During his term of office, Bayer has experienced an extraordinary development in both operational and strategic terms," Wenning said.

"In Werner Baumann, Bayer has a strong and experienced management personality from within its own ranks. In his various positions at Bayer and as a member of the board of management since 2010, he has contributed substantially to strengthening and realigning the company. We are convinced that, under Werner Baumann's leadership, Bayer will continue along its track of successful development," Wenning said.

Baumann, 53, studied in Aachen and Cologne and joined Bayer in 1988.