What: Michael Peterseim has stepped down from his position as CEO of the insolvent KaDeWe Group. Josef Schultheis, an experienced retail manager with over 35 years of experience, has been appointed as the Chief Restructuring Officer and will take over leadership roles effective immediately.

Why it is important: This change in leadership marks a significant step in the restructuring efforts of KaDeWe Group, which is currently under temporary self-administration. The move is aimed at accelerating the restructuring of operational processes and structures to establish a long-term viable business model and ensure the best outcome for creditors.

The KaDeWe Group, facing insolvency, is making bold moves to navigate through its financial turmoil by appointing Josef Schultheis as the new Chief Restructuring Officer. Schultheis brings a wealth of experience in retail management and restructuring, poised to lead the group towards a successful overhaul. With the support of the group's shareholders, Central Group from Thailand and Signa, this leadership transition aims to streamline operational processes, secure a sustainable business model, and optimise the outcome for the company's creditors. The ongoing M&A process is also being expedited to conclude the insolvency proceedings efficiently with the help of strong partners.

KaDeWe Group: CEO Peterseim leaves board