LUMEMBOURG — With the successful completion of SAF-HOLLAND’s new financing agreement, Dr. Reiner Beutel has stepped down as chief executive officer (CEO) and member of the board of directors effective with the Annual General Meeting held on Dec. 18.
Beutel used his expertise and experience to lead the company through a very difficult restructuring phase. The operational restructuring of the company is taking effect and a sustainable reduction in costs and working capital has been achieved. With a positive EBIT, the company was returned to profitability in the third quarter.
"After the successful completion of the refinancing and implementation of the operational restructuring measures, I will now turn my attention to new challenges," Beutel said.
Beutel’s successor as CEO will be Rudi Ludwig. After the restructuring, one of Ludwig’s main tasks will be aligning the company for growth. Ludwig is a recognized expert in the industry and a member of the board of directors. He previously served as chairman of SAF-HOLLAND’s management board from 2003 to January 2009.
