Bayer Chairman Werner Wenning will step down in April, the company announced Wednesday. The move comes amid legal battles over two Bayer herbicides. One of them, Roundup, has been alleged to cause cancer.
There are more than 42,000 plaintiffs in the Roundup cases. Analysts predict it could cost the company up to $12 billion, Reuters reports.
Some regulators around the world have concluded that Roundup does not cause cancer. However, a World Health Organization cancer agency has has said that the weedkiller probably does cause cancer.
Though Bayer shares have lost about a quarter of their value since August 2018, Wenning says progress has been made in handling lawsuits.
“We have made and continue to make progress in handling the legal issues in the U.S. That’s why now is a good time to hand over to my successor,” Wenning said in a press release.
Norbert Winkeljohann, a longtime PwC executive, will succeed Wenning in April.