Restructuring chief Michael Baur assumes new responsibilities at company as CEO and CFO head for the exit
The parent company of Munich-based BayWa Global Produce, whose subsidiaries include T&G Global, TFC Holland, and BayWa Obst, has added chief restructuring officer Michael Baur to its management board.
BayWa’s supervisory board said Baur would take over some responsibilities from CEO Marcus Pöllinger, who will leave the company at the end of October by mutual agreement.
Another key member of its management, chief financial officer Andreas Helber, will depart after the end of the financial year, on 31 March 2025.
According to the group, Baur is an expert in financial and operational restructuring, and company transformation.
“His appointment… will firmly establish restructuring at the management board level and continue the company’s stabilisation and transformation course,” it commented.
That expertise will certainly be in demand as the conglomerate attempts to reorganise its finances under the pressure of approximately €5bn in reported debt.
Following its much-publicised expansion over the past decade, the rising cost of borrowing and a downturn in revenue in certain parts of its business have apparently left it short of cash reserves.
As a result, a restructuring exercise that involves “strategic and personnel realignment” has become necessary.
“The company is being reorganised after a turbulent phase,” said Gregor Scheller, chairman of the supervisory board. “The necessary restructuring and the resulting new structure of BayWa require new expertise for the board of management.
Scheller added that the search for new leadership was underway. “We are very confident that we will be able to present a suitable solution in the near future. In Michael Baur, we have already found an excellent addition.”
