LUXEMBOURG -- Dr. Reiner Beutel is stepping down as chief executive of SAF-Holland, effective with the company’s annual general meeting Dec. 18.
Dr. Beutel has been leading the company through what officials have called a “very difficult restructuring phase,” including the successful completion of a new financing agreement, according to the company.
Officials say the restructuring, coupled with a reduction in costs and working capital, allowed the company to return 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," Dr. Beutel said.
Seceding Beutel as CEO will be Rudi Ludwig, who currently sits on SAF-Holland’s board of directors and previously served as chairman of the company’s management board from 2003 to January of this year.