The restructuring of the heavily indebted Baywa SE has often led to personnel consequences. Just three weeks ago, CEO Frank Hiller, who had recently been tasked with the realignment, had to vacate his post. Now three supervisory board members are relinquishing their mandates.
As Germany’s largest agricultural group announced on Sunday, Michael Höllerer and Monika Hohlmeier announced their resignations on March 31st and Monique Surges on May 30th. Höllerer, head of the Raiffeisen Holding Lower Austria-Vienna, Surges, head of the German Chamber of Foreign Trade in New Zealand, and the CSU politician Hohlmeier were already members of the control committee when Baywa slid into a crisis that threatened its existence in the summer of 2024.
Since then, many shareholders have not only criticized the alleged failure of the board of directors, they have also repeatedly called for a replacement on the supervisory board in order to restore lost trust in the listed company. Investigations are currently underway by the financial regulator Bafin and the Munich public prosecutor’s office. It is about the suspicion that the previous managers presented Baywa’s financial situation too well. But while the board has now been “revamped,” the inspectors are sitting on their chairs “as if glued to the table,” complained Daniela Bergdolt from the Association for the Protection of Securities Ownership (DSW).
Gregor Scheller, the new supervisory board chairman who was appointed a year and a half ago, had strict limits when restructuring the board, as most mandates run until the 2028 general meeting. Due to the early resignation of Höllerer, Hohlmeier and Surges, the supervisory board currently consists of 13 members.
Scheller wants to fill the vacant positions and pay attention to specialist knowledge in Baywa’s four core areas of agriculture, construction, trade as well as sales and digitalization. From 2028 onwards, a rotating electoral system is to be introduced by electing two new members every year and shortening the term of office from five to four years.
