With the successful completion of SAF-HOLLAND’s new financing agreement, Dr. Reiner Beutel will be stepping down as the company’s Chief Executive Officer (CEO) and Member of the Board of Directors.

The resignation will be effective with the Annual General Meeting on Dec. 18, 2009. 

“After the successful completion of the refinancing and implementation of the operational restructuring measures, I will now turn my attention to new challenges,” Beutel says in a written statement from SAF-Holland.

Rudi Ludwig will be Beutel’s successor as CEO. Ludwig is currently a member of the company’s Board of Directors. He has previously served as chairman of SAF-HOLLAND’s Management Board from 2003 to January 2009. As new CEO, SAF-Holland says that one of main tasks with which Ludwig will be charged will be aligning the company for growth.