“After many years of success, Q-Cells has been impacted over-proportionally by the current crisis in the global photovoltaics market. We have started to fundamentally restructure the business in 2009. However, the very dramatic negative 2009 figures have consequences, and have in particular lead to a loss of confidence in the financial markets,” Milner says.
"I believe that it is best in such a situation to make way for a change in the interests of the company that I have helped to build, and as such resign from my position as CEO."
Milner will continue to serve as an advisor to Q-Cells, whereas Nedim Cen, current CFO and Member of the Management Board, has been named CEO and will hold both positions.
Further restructuring at Q-Cells
Cen is set to embark on the “swift implementation of the transformation of the business and will continue to advance the existing restructuring programme,” Q-Cells says.
Cen says: “As CEO and CFO I will focus on three key areas in order to transform the company. Our business model will generate growth through more sustainable revenues and will have a better risk structure by shifting the growth in utility scale projects to market entry in modules and residential PV systems. We will reduce financial obligations by further focussing our technology portfolio.
“Thirdly, we will have to refocus organisational structures, processes and cost structures accordingly. Financing is secured for the current year and we are seeing the first returns on last year’s restructuring measures. With the implementation of these far reaching measures and the continued commitment of the employees we will lay the foundations for future competitiveness of the business.”
Cen, Managing Director at restructuring consultants Alvarez&Marsal (A&M), took on the CFO position at Q-Cells 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 Cen with the operational management of Q-Cells Reloaded, Q-Cells’ existing restructuring programme.
It is expected that the implementation of all measures concerned will be concluded by the end of 2010.