Monsanto management announces intent to leave the company upon closing of Bayer acquisition

Monsanto Company Chairman and Chief Executive Officer Hugh Grant announced his intent to leave Monsanto at the closing of the acquisition of Monsanto by Bayer.

Grant will maintain his position as Chairman and Chief Executive Officer until closing, continuing to focus on leading the company on its top objectives of securing deal approval and delivering on its underlying business priorities. Bayer continues to target closing in the second calendar quarter of 2018.

In addition to Grant, several members of the Monsanto Executive Team also announced they will be departing shortly after closing. Each will stay with the company for a period of time following closing to help support a successful transition with Bayer. Executive Team members departing after closing include: Chief Financial Officer Pierre Courduroux, Chief Technology Officer Dr. Robert Fraley, Chief of Staff and Community Relations Janet Holloway, Chief Human Resources Officer Steven Mizell, Chief Strategy Officer Kerry Preete, Controller Nicole Ringenberg, and Secretary and General Counsel David Snively.

Note: the companies reached a merger agreement in September 2016. The final purchase price of one share of Monsanto was USD 128, and the total transaction value is about USD 66 billion. This acquisition will allow Bayer to become the world's largest producer of seeds and pesticides.