Marijn Dekkers, CEO of Bayer since October 2010, has extended his contract for two rather than three years, the Leverkusen, Germany-based life sciences and plastics group has announced.

Bayer said the 56-year-old executive, a Dutch native, had cited family reasons for the shortened extension period. He will step down at the end of 2016.

Reports from outside the country have speculated that Dekkers may return to the US, where his daughters will be attending college.

To ensure continuity in key aspects of Bayer's future development, the group said its supervisory board has appointed the current CFO, Werner Baumann, to the new position of chief strategy and portfolio officer (CSPO), effective October 1, 2014.

With effect from the same date, Johannes Dietsch, currently Senior Bayer Representative and CFO for greater China, will become CFO of the Bayer group.

Baumann joined Bayer in 1988 and has held executive positions within the group in several countries. He was appointed to the managing board in 2006.  Dietsch has also served Bayer in several positions in Germany and abroad, since 1984. Both men are German natives.