German landlord Adler Group appoints Karl Reinitzhuber as CEO (updated)

Adler SA

27/11/2024 18:34

(Adds more details in paragraph 2, background in paragraph 3 & 4)
       Nov 27 (Reuters) - German landlord Adler Group  ADJ.DE  said on Wednesday it will
appoint Karl Reinitzhuber as CEO of the company, effective Dec. 1. 
    He will succeed the current CEO of the embattled German company, Thierry Beaudemoulin, who
will step down from both the board of directors and his executive role on Nov. 30.
    Adler, one of Germany's largest landlords, is grappling with a liquidity crisis triggered by
a downturn in the local property market, rising energy and building prices linked to Russia's
invasion of Ukraine and the fallout from the COVID-19 pandemic.
    The company has reached a binding agreement with bondholders for a comprehensive
recapitalization, which was completed in September.  
    
    

 (Reporting by Chandni Shah in Bengaluru; Editing by Alan Barona)
 ((Chandni.shah@thomsonreuters.com))