Solar Millennium AG has appointed Chief Financial Officer Thomas Mayer chief executive as it undergoes a financial audit.
The appointment today follows a tumultuous two weeks that have seen newly appointed CEO Utz Claassen flee the job after only 75 days and, subsequently, an audit of the company’s financial statements going all the way back to 2004-05.
Oliver Bamberger, who was previously worked in financial roles for the Solar Millennium. will replace Mayer as Chief Financial Officer.
Commerzbank AG analyst Robert Schramm is quoted in BusinessWeek/Bloomberg saying that investors will be in wait-and-see mode until the audit, which is being conducted by Deloitte, is complete.
The company’s shares have taken a beating since Claassen’s announcement, dropping from a 28.87 Euros on March 15 to 21.20 Euros at 3:15 today.