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Home > Finance > German landlord Adler Group appoints Karl Reinitzhuber as CEO

Finance

German landlord Adler Group appoints Karl Reinitzhuber as CEO

Published by Global Banking and Finance Review

Posted on November 28, 2024

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(Reuters) - German landlord Adler Group 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)

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