Q-Cells Founder Forced To Step Down
Poor results in 2009 leads to Milner resignation
In a written statement Milner said his resignation is a consequence of the negative 2009 company results which were released only two weeks ago reportinga huge net loss of EUR 1.36 billion in 2009. The company shares have reduced invalue by around 40% in the last twelve months.
The contract of Gerhard Rauter, Management Board member in charge of operations and technology, was due for renewal and has been agreed for a period of three years.
Nedim Cen, Managing Director at restructuring consultants Alvarez&Marsal (A&M), had taken on the CFO position at Q-Cells SE back in June 2009 on an interim basis and will now remain in office until the foundation for the transformation of the business is established. At the same time A&M has been appointed to support Nedim Cen with the operational management of Q-Cells Reloaded, the company's existing restructuring programme.
Carsten Simon, Director of Finance since 1 January 2010, will support Nedim Cenin the day-to-day management of his CFO tasks. It is expected that the implementation of all measures concerned will be concluded by the end of 2010.