Greg Babe to Head Bayer Corporation
Attila Molnar to Retire After 30 Years of Service
PITTSBURGH, July 31 /PRNewswire/ -- The Management Board of Bayer AG announced today that Greg Babe will become President and CEO of Bayer Corporation and the Senior Bayer Representative in North America, succeeding Dr. Attila Molnar, who will retire from the company after 30 years of service, effective October 1, 2008. Bayer Corporation is the U.S. subsidiary of the Bayer Group of Germany, a EUR 32 billion global enterprise with core competencies in the fields of health care, nutrition and high-tech materials.
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Babe, 51, will also maintain his role as President and CEO of Bayer MaterialScience LLC, one of the leading producers of polymers and high-performance plastics in North America and a part of the global Bayer MaterialScience business. Prior to this position which he has held since 2004, Babe was President and CEO of Bayer Corporate and Business Services LLC, where he was responsible for providing expertise and support in engineering, information systems, procurement, materials management, human resources, financial, accounting and other business services to Bayer Corporation and its affiliates.
Since 2002, Molnar presided over the implementation of the new Bayer organization in North America and the restructuring of its product portfolio, which included more than 15 acquisitions and six divestitures that have helped to strengthen and diversify Bayer's business. During this time, Bayer increased its North American sales by approximately 50 percent in local currency, while Bayer's North American operations also generated a remarkable turnaround in operating profit, growing by EUR 1.6 billion.
Molnar, 60, was appointed to the Bayer AG Board of M
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