Bayer plans another round of Whippany layoffs

Kimberly Redmond//August 1, 2024//

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Following 90 reported layoffs earlier this summer at its U.S. headquarters in Whippany, Bayer is planning another round of job cuts.

In a filing with the New Jersey Department of Labor & Workforce Development, the life sciences company reported it will eliminate 70 positions, effective Oct. 25.

As part of a new operating model announced earlier this year by CEO Bill Anderson, Bayer aims to boost operational efficiency by streamlining company structures.

Of the 1,500 positions cut in the first three months of 2024, roughly two-thirds were managerial jobs, according to Fierce Pharma. Overall, Bayer reported its global headcount fell 3.5%, to 98,200.

Additionally, the company has trimmed executive rosters within its divisions.

In January, the German multinational dismissed three longtime executives in its crop science business. Two months later, Bayer reduced its pharma leadership team from 14 members to eight. That revamp also saw three executives let go, three others demoted and promotion of New Jersey-based Sebastian Guth to chief operating officer.

Ongoing process

Bayer's U.S. headquarters in Whippany. - VISION REAL ESTATE PARTNERS — Bayer’s U.S. headquarters in Whippany. – PROVIDED BY VISION REAL ESTATE PARTNERS

Bayer expects companywide layoffs to continue into 2025. As a result of the efforts, it anticipates $541 million in “sustainable” cost savings this year and $2.16 billion in 2026.

“As Bayer U.S. focuses on what matters most – delivering our mission of ‘Health for all, Hunger for none’ and delivering value for our customers, patients, farmers, our shareholders, and all other important stakeholders – we are adopting a new operating model and with it, a new organizational structure,” a company spokesperson said in a statement to NJBIZ.

“Our new way of working will enable more agility, empower employees to innovate and act, and deepen the focus on our mission. Aligned with this shift, we are adjusting our U.S. structure resulting in some positions being eliminated or redesigned, and a few new roles being created,” the spokesperson said, adding, “Ultimately, our new operating model will accelerate our growth and position Bayer for long-term success.”