Bayer’s stock rallies after naming Roche exec as new CEO

U.S.-listed shares of Bayer AG
BAYRY,
+5.90%

BAYER,
-0.34%
rallied about 5% in trading on Wednesday after the German pharmaceutical company said it named Bill Anderson as its new CEO, effective June 1. Anderson, 56, most recently served as CEO of Roche Holding AG’s
ROG,
-0.56%
pharmaceuticals business. He is also the former CEO of Genentech, which is also part of Roche. Bayer’s longtime CEO Werner Baumann will retire in May. Bayer’s stock has gained 30.5% since the start of the year, while the S&P 500
SPX,
-1.11%
is up 8.6%.