# Bayer hits 8-month high as investors welcome CEO change
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2023-02-09
Category: INVESTING
Category URL: https://financedigest.com/category/investing
Meta Title: Bayer Shares Surge After Appointment of New CEO Bill
Meta Description: Bayer's stock jumped 5% after appointing former Roche executive Bill Anderson as CEO, with further potential gains predicted by analysts.
URL: https://financedigest.com/bayer-hits-8-month-high-as-investors-welcome-ceo-changehtml

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BERLIN (Reuters) -Bayer shares rose as much as 5% in early Thursday trading to an eight month high, adding to gains from the day before when the German drugs to pesticides group named former Roche executive Bill Anderson as its next CEO.

The stock jumped 6% late Wednesday, after the appointment was announced about 15 minutes before the market close.

Some investors cashed in their profits on Thursday morning, however. The [stock was up 0.5% to 62.82 euros](https://www.financedigest.com/stocks-euro-gain-amid-divergent-fed-ecb-rate-hike-outlooks.html "Stocks, euro gain amid divergent Fed, ECB rate hike outlooks") at 0845 GMT.

Anderson’s appointment as [CEO from June came after shareholder](https://www.financedigest.com/shareholder-group-iss-backs-barclays-board-over-former-ceo-staley.html "Shareholder group ISS backs Barclays board over former CEO Staley") pressure for an external successor to Werner Baumann, who engineered Bayer’s troubled Monsanto takeover.

Juergen Molnar, capital markt strategist at brokerage RoboMarkets, said the [stock had considerable potential for further gains](https://www.financedigest.com/stocks-dollar-gain-on-soft-landing-hopes.html "Stocks, dollar gain on soft landing hopes") even after the rally.

The shares are up 30% since the start of the year, helping to offset a more than five [year downturn related](https://www.financedigest.com/2020-the-paradoxical-year-that-has-reshaped-the-future-of-motor-insurance-and-related-sectors.html "2020: The paradoxical year that has reshaped the future of motor insurance and related sectors") to the takeover of Monsanto. In June 2018, when the acquisition was completed, the [shares traded at around 100 euros](https://www.financedigest.com/mercedes-benz-to-buy-back-up-to-4-billion-euros-in-shares-by-2025.html "Mercedes-Benz to buy back up to 4 billion euros in shares by 2025").

(Reporting by Miranda Murray, Kirsti Knolle; editing by Rachel More and Mark Potter)


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