Bayer, who has served finance boss of the personal care products maker since 2015, will replace outgoing executive chairman Haris Chaudhry, who is stepping down with immediate effect for personal reasons and to pursue other interests.
READ: InnovaDerma revenues ahead 38% as the Skinny Tan maker confirms it is trading in line with expectations
Meanwhile, the company said it will review the position of finance director and transition the role to a suitable candidate in due course, adding that it will also look to broaden the composition of its board.
"On behalf of the team at InnovaDerma, I would like to thank Haris for his deep commitment, leadership and contribution to the business over the years”, Bayer said.
“It is his entrepreneurial spirit which founded the business and he took InnovaDerma from a pre-revenue to a multi-brand business. He leaves behind a company in the best shape it has ever been and at the forefront of several product categories. We wish him all the best for the future", he added.
Chaudry has also sold 4.1mln shares in the company, leaving him with no disclosable interest in the firm.
In late-afternoon trading on Thursday, InnovaDerma’s shares were 1.7% lower at 62.4p.
--Adds share sale information and updates share price--