Michael Baur supports the transformation of BayWa AG as Chief Restructuring Officer

Restructuring expert from AlixPartners becomes CRO and Chief Representative Focus on operational implementation of the restructuring The Board of Management of BayWa AG today appointed Michael Baur as Chief Restructuring Officer (CRO) and Chief Representative of BayWa AG. Baur will work directly with the Board of Management of BayWa AG and is fully responsible for all measures in connection with the restructuring of the BayWa Group.Gregor Scheller, Chairman of the BayWa Supervisory Board, said: ‘Michael Baur is an expert in the financial and operational restructuring and transformation of companies. He has already successfully managed many restructuring projects at medium-sized companies and listed groups. He is the right choice for the current situation.’BayWa CEO Marcus Pöllinger adds: ‘We have already been working intensively with Mr Baur for weeks to stabilise BayWa and are delighted to be able to take this collaboration to a new level from today. He will bring us closer to the goal of a more robust and profitable BayWa, which was already laid out in Strategy 2030.’Michael Baur said: ‘Together, we have already successfully stabilised BayWa in recent weeks. We are now working on a comprehensive restructuring concept. This must be implemented in a consistent and targeted manner, and lead BayWa back into a sustainable business situation.’Due to its strained financial situation, BayWa AG reached an agreement with its largest shareholders and lending banks in mid-August on a comprehensive financing package totalling around €550 million. The restructuring report commissioned is due to be available at the end of September, which will accelerate the consolidation course embarked upon by BayWa's Board of Management at the beginning of the year. Michael Baur is Managing Director and Global Vice Chair of the management consultancy AlixPartners and has managed numerous restructuring projects as an interim manager in the past.Weiter zum vollständigen Artikel bei BayWa AG (vink. NA) Weiter zum vollständigen Artikel bei BayWa AG (vink. NA)