ST. LOUIS _ Monsanto Co. CEO Hugh Grant announced Monday he would leave the company once it is acquired by Bayer AG.
Monsanto's CFO, Pierre Courduroux, and its top tech executive, Chief Technology Officer Robert Fraley, and General Counsel David Snively will also leave the company shortly after the deal closes, according to a federal filing.
Bayer's bid to buy Creve Coeur, Mo.-based seed and chemical company Monsanto is on track to win U.S. antitrust approval by the end of May, unless there is a last-minute complication.
The $62.5 billion takeover, one of a trio of major deals in the agribusiness sector in recent years, would create a company with a share of more than a quarter of the world's seed and pesticides market in the fast-consolidating farm supplies market.
Grant stands to gain financially if steers the company through the acquisition.
A recent proxy statement values Grant's golden parachute _ the amount he could collect if he leaves Monsanto after a takeover _ at $32.6 million. That includes $13.6 million in cash severance and nearly $19 million worth of unvested stock and options.
Courduroux's payout, according to the proxy, would be $8.4 million, with Fraley and Snively set to net $8.9 million and $6.3 million, respectively.
Grant, who has served as Monsanto's top executive since 2003, will maintain his position as chairman and CEO until the deal closes.
"It has been my sincere privilege to serve as Monsanto's CEO during this period of extraordinary growth and transformation within our business," he said in a statement. "I'm proud of what we've delivered and look forward to what the future holds for this organization."
Other members of Monsanto's executive leadership team are expected to transition to become members of the Crop Science Executive Leadership Team at Bayer.
