Richard Pott, until 2013 Bayer group managing board with responsibility for Strategy and Human Resources along with the regions Americas, Africa and Middle East, has been approved by the supervisory board of the group's holding to stand for election as chairman of the supervisory board of Bayer MaterialScience (BMS).

The 61-year-old former executive who retired from Bayer in 2013 would take up the position on Mar. 26, 2015, following his election by the annual general meeting.

Pott would succeed Bayer managing board member Werner Baumann, who will become CEO of Bayer HealthCare at the beginning of April, following the departure of Olivier Brandicourt to become CEO of French drugmaker Sanofi.

Bayer plans to float plastics manufacturer MaterialScience on the stock market by mid-2016 at the latest.

"We are pleased that Richard Pott is to be the chairman of the supervisory board of Bayer MaterialScience. He is an experienced manager who knows the business very well," said Bayer CEO Dr. Marijn Dekkers.

Additional members of the BMS supervisory board will be named ahead of the planned stock listing.