(Reuters) - Monsanto Co (N:MON) said on Monday Chief Executive Officer Hugh Grant will step down after the seeds company completes a deal to be acquired by Bayer AG (DE:BAYGn).
Grant, a company veteran, took over as chief executive in 2003. Along with Grant, other senior executives including Chief Financial Officer Pierre Courduroux and Chief Technology Officer Robert Fraley will also leave following the deal's close, the company said.
German conglomerate Bayer is preparing to close its $62.5 billion (46 billion pound) takeover of Monsanto this quarter in a deal that will give it control of more than 25 percent of the world's seed and pesticides market.
Bayer has also been divesting significant assets to win over antitrust regulators for its proposed takeover of Monsanto.
Grant said he has "made the decision to pursue new opportunities following the closing" of the deal but did not mention details.