Anton Milner: Out as Q-Cells CEO
Q-Cells SE Chief Executive Officer Anton Milner has resigned, effective immediately, from the German photovoltaic cells maker, according to a company release.
Chief Financial Officer Nedim Cen, who joined the company from the restructuring consultants Alvarez & Marshal on an interim basis in June 2009, will take over the CEO duties and hold both positions. Cen will remain with the Q-Cells while it restructures and Alvarez & Marshal will support him in the program, called Q-Cells Reloaded.
Q-Cells reported losses of 1.36 billion Euros ($1.84 billion) on Feb. 23. The company blamed a drastic decline in prices and a time lag in its Calyxo subsidiary becoming competitive.
Milner, one of the company’s four founders, said in a statement:
The very dramatic negative 2009 figures have consequences and have in particular led to a loss of confidence in the financial markets.
Analysts have battered Q-Cells for constant revisions in its 2009 sales outlook, Reuters noted.
Director of Finance Carsten Simon will support Cen in the day-to-day duties of CFO.
Milner photo: Courtesy Q-Cells