Karl Reinitzhuber to become new CEO of Adler Group

Thierry Beaudemoulin to step down at his own request at the end of the month – Jan Duken to become new COO – Further changes to Adler Group Board of Directors
 

• Chairman Stefan Brendgen:

“Thierry Beaudemoulin has put Adler Group on solid ground and has now decided to pave the way for the next phase. He has led key transactions for Adler, providing the Group with additional liquidity and reducing its debt burden. On behalf of Adler Group, I would like to express my sincere thanks to him for his work.”

At the same time, I am delighted that we have been able to appoint Dr. Karl Reinitzhuber, a long-term expert in the real estate industry, as our new CEO, effectively 1 December 2024. He has an excellent network, particularly in Germany, and expertise in organizational and strategic development. Reinitzhuber and the extended team will now quickly realign the Adler Group.”

• Thierry Beaudemoulin:

“We have met the requirements of the recapitalization agreement and laid the foundations for a solid new direction. I am proud to have been part of this team. Following these positive developments, I believe Adler Group is on the right track. For me, this is the ideal time to hand over the baton, and I am happy to continue to support Adler Group as a Senior Advisor.”

• Dr. Karl Reinitzhuber:

“Adler Group is a real estate company with plenty of untapped potential. We want to manage our portfolio more efficiently. In addition, the Group still has numerous development projects to offer. I look forward to the next steps, working with the Senior Management Team to align Adler with its new size and increase its effectiveness.”

Luxembourg, 27 November 2024 – The Board of Directors of Adler Group S.A. (“Adler Group”) today approved a series of far-reaching personnel decisions:

Dr. Karl Reinitzhuber (57) will become the new Chief Executive Officer (CEO) of Adler Group on 1 December 2024. He will succeed Thierry Beaudemoulin (53), who will step down at his own request at the end of the month to pursue new opportunities. Furthermore, the Board of Directors has appointed Jan Duken (55) as Chief Operating Officer (COO). This role was previously also held by Thierry Beaudemoulin.

These changes to the Senior Management Team follow the appointment of Thorsten Arsan as the new CFO on 1 October 2024. In addition to Reinitzhuber (CEO), Duken (COO) and Arsan (CFO), Sven-Christian Frank as Chief Legal Officer (CLO) completes the Adler Group's Senior Management.

Prior to the Board Meeting, an Ordinary General Meeting of Adler Group had appointed CFO Thorsen Arsan and restructuring expert Paul Copley to the Board of Directors as planned. Further, the Board has appointed Dr. Reinitzhuber as by way of co-optation, filling the vacant position on the Board after Thierry Beaudemoulin had stepped down. The Board of Directors consists now of six members: Stefan Brendgen as Chairman, Thilo Schmid as Chairman of the Audit Committee, real estate expert Matthias Moser, restructuring expert Paul Copley, Thorsten Arsan as CFO and Karl Reinitzhuber as CEO. It is intended to propose CEO Karl Reinitzhuber for re-election to the Board of Directors at the next General Meeting.

Adler Group will present its third-quarter figures tomorrow (separate press release on 28 November 2024). Overall, Adler can look back on a good operational performance in an improving real estate environment at the end of 2024 and expects good prospects for the coming year:

With the recapitalization completed and the recent sale of its stake in Brack Capital Properties N.V. (BCP), Adler Group is solidly positioned, financially well-equipped and can set new priorities in the German real estate market. “The portfolio has good potential, which the new Senior Management Team is expected to leverage,” commented Chairman Stefan Brendgen on the decisions and continued: ”Beyond managing the portfolio and thus optimizing the assets side of our balance sheet, we also want to improve the liability side of the balance sheet through improved refinancing, which will be facilitated by the funds freed up by our sales. In addition, the team will sell the remaining development projects to new developers as efficiently as possible and at fair conditions. The new management team should intensify this process. To do this, it needs a good network in the German real estate industry. And finally, we have to align the organization to its new size and develop new momentum.”

The Board of Directors has put together a new Senior Management Team for this task: “The fact that Dr. Reinitzhuber can take on this realignment is largely thanks to Thierry Beaudemoulin, who, together with his team, has stabilized and positioned Adler in difficult times over the last three years: financially solid and with a good portfolio,” said Brendgen, explaining the change. “For this, Adler and I personally would like to thank Thierry Beaudemoulin, who now considers his job done and wants to take on new opportunities. I am pleased that he will continue to serve us as a Senior Advisor”, the Chairman concluded. Thierry Beaudemoulin added: ”My work in stabilizing the group is done. It was challenging, but also very satisfying when I look at the result. For me, it is the ideal time to pass on the baton, but I will remain closely connected to Adler in a new role as Senior Advisor.” Successor Reinitzhuber commented: ”Thierry Beaudemoulin is leaving a well-managed company from which we intend to leverage a great deal of potential. I look forward to this task with the Senior Management Team.”

Reinitzhuber is joined by Jan Duken, who joins the team as COO and will participate in the management of the real estate assets and structural issues in the organization. Thorsten Arsan, who joined the team in October, will focus on the new refinancing opportunities that have arisen and will arise from portfolio sales. In addition to the CEO, COO and CFO, Sven-Christan Frank continues in his role as CLO. With this team, the Board of Directors intends to independently shape the future of Adler Group. To this end, the Board of Directors has also been strengthened by the addition of Paul Copley, a proven restructuring expert, so that a wide range of expertise is also represented on the Board of Directors. With Mr. Reinitzhuber joining the Board of Directors, this process is also completed.

Press call

There will be a separate invitation for a press call with Stefan Brendgen, Chairman of the Adler Group Board of Directors, tomorrow at 9:00 CET.

Contact

Investor Relations:
T +352 203 342 10
investorrelations@adler-group.com