Bayer stock surged to an eight-month high Wednesday after the company named former Roche exec Bill Anderson as its new chief executive.
Anderson will take over for current CEO Werner Baumann on June 1. He will join Bayer as a member of the board of management on April 1.
The company said in a news release that its supervisory board elected Anderson "unanimously after a thorough selection process which began mid last year." Baumann, who is retiring after 35 years at Bayer in May, will work closely with Anderson to ensure a smooth transition, the company said.
On the stock market today, Bayer stock jumped 5.9%, ending the regular session at 16.86. Earlier, shares rose to a high point at 16.91, touching a level not seen since last June.
Bayer Stock: Snagging A Former Roche Exec
Anderson previously headed up Roche's pharmaceuticals division.
There "he successfully led a comprehensive transformation program which resulted in many successful new product launches, significant revenue growth and greater productivity across the organization," Bayer said in its release.
Before that, Anderson was the CEO at Genentech, now a biotech subsidiary under Roche.
The news pushed Bayer stock decidedly above a buy zone. Shares recently broke out of a cup-with-handle base with a buy point at 15.72, according to MarketSmith.com.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
