Wholesale trader BayWa names new CEO, CFO in restructuring push (updated)

Baywa AG

27/02/2025 12:22

Adds context in paragraph 3, 4, quote in paragraph 5

Feb 27 (Reuters) -
Embattled German agricultural trading group BayWa BYWGnx.DE said on Thursday it named Frank Hiller and Matthias J. Rapp as the company's new CEO and CFO, respectively, to drive the firm's restructuring efforts.

The appointments will take effect from March 1, for a term of three years, the company added.

The Munich-based trader of farming supplies and produce has been grappling with rising borrowing costs, forcing it to embark on a major restructuring, including job cuts.

The company
said
 in October both its CEO and CFO are to leave the company.

"BayWa is undergoing the biggest transformation in its history. The company must become more robust and profitable in the long term and is once again focusing on its core business areas," chairman of the Supervisory Board, Gregor Scheller, said in a statement.

 (Reporting by Tristan Veyet in Gdansk, editing by Ludwig Burger)

 ((Tristan.Chabba@thomsonreuters.com;))