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Bayer is getting rid of bosses and asking staff to ‘self-organize’
CEO Bill Anderson says he doesn’t want it to be a “lame” company, but its stock has still tanked 50%.
In a bid to claw back $2.15 billion, the struggling pharmaceutical giant Bayer CEO is doing away with middle managers and 99% of the company’s 1,362-page corporate handbook, allowing nearly 100,000 employees to self-manage. Bayer, the 160-year-old German company known for inventing aspirin, has been stuck in a rut: Its market cap has plunged to two-decade lows—spurred by its so-far disastrous acquisition of Monsanto—and its CEO Bill Anderson believes that flattening hierarchy and slashing corporate bureaucracy could be key to turning it around. After laying off thousands of workers, the billionaire tech entrepreneur said that “ flattening ” its internal hierarchy was core to its restructure—and he credited Elon Musk as the source of inspiration behind having “fewer layers of management.”
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