Bayer proposes Ubben for board seat, swaps consumer unit boss

Germany's Bayer has proposed that Jeffrey Ubben, one of Wall Street's most prominent activist investors, be appointed as a non-executive director, it said on Thursday, as it announced a leadership change at its consumer products unit. The changeover comes as the diversified group faces a deluge of problems including stifling debt, U.S. litigation alleging harm from a weed-killer, a major drug development setback, weak agriculture markets and investor pressure to separate or sell businesses. Ubben, who is a member of Bayer's sustainability council, has been among a number of investors who have long urged the company to consider a break-up, but he has kept a low profile.