SOURCE: Q-Cells SE

June 17, 2009 14:37 ET

Ad hoc: Q-Cells SE: Q-Cells SE: Change to the Executive Board

BITTERFELD-WOLFEN, GERMANY--(Marketwire - June 17, 2009) -


Ad hoc announcement according to §15 WpHG processed and transmitted by Hugin. The issuer is solely responsible for the content of this announcement.

At today's meeting of the Supervisory Board of Q-Cells SE, the Supervisory Board gave its consent to the request of Dr. Hartmut Schüning, CFO of Q-Cells SE to release him from his duties as member of the executive board of Q-Cells SE prematurely after the annual shareholder meeting of June 18, 2009. At the same time the Supervisory Board of Q-Cells SE appointed Dr. Nedim Cen (43) as interim CFO. Dr. Nedim Cen held until last year the CFO position at KION Group GmbH, a spin off from Linde AG and the world's second largest forklift manufacturer, based in Wiesbaden, Germany. Before joining KION Group, he spent 15 years in management consultancy and investment banking. Currently, he is Managing Director of Alvarez & Marsal in Munich, specialised amongst others in operational/financial consultancy and interim management. In addition, the Supervisory Board has already started a search process for a new CFO.

Dr. Hartmut Schüning was appointed CFO of Q-Cells SE in 2004, conducted Q-Cells' successful IPO in 2005 and has been instrumental in developing the company to become the world's largest solar cell producer. Following a total of twelve years as CFO of different stock-listed companies and after securing and strengthening the financial position of Q-Cells, Dr. Schüning has now decided to take a personal time out of his professional career. Dr. Schüning will remain available on an advisory basis to Dr. Cen in the transition phase.

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