The Supervisory Board of SMA Solar Technology AG (SMA/FWB: S92) is reducing the number of Managing Board members in the course of the company's transformation. Lydia Sommer will leave the SMA Managing Board on February 28, 2015. She has been in charge of Finance, Legal and Compliance at SMA since November 2012. In May 2013, she also assumed responsibility for Information Technology (IT) and Human Resources in her capacity as Labor Director. SMA Chief Executive Officer Pierre-Pascal Urbon will also take over responsibility for Finance, Legal and Compliance as Chief Financial Officer (CFO), in addition to Strategy. Roland Grebe, formerly Board Member for Technical Innovation, will be in charge of Human Resources and IT and will become the new Labor Director at SMA Solar Technology AG. Jürgen Reinert will take on overall responsibility for Technology.
"In the course of SMA's transformation, we announced a considerable reduction in the number of executive positions at all hierarchy levels. Against this background, the Supervisory Board has decided to also restructure the SMA Managing Board and downsize it to four members. We are very sorry to see Lydia Sommer go and would like to thank her for her successful work in Finance, Legal and Compliance. Furthermore, she played a key role in reorganizing Human Resources and achieved enormous increases in efficiency by means of systematic process improvements. However, despite Lydia Sommer's impressive work, the Supervisory Board believes that downsizing the Managing Board is the right step in light of SMA's current development. As SMA Chief Financial Officer from 2009 to 2012, Pierre-Pascal Urbon has proven his outstanding expertise in the field of finance and has been responsible for Investor Relations ever since SMA's IPO. Roland Grebe has extensive experience in the areas of human resources and IT, and he will also contribute his development knowledge to the future orientation of both the SMA Railway Technology subsidiary and SMA Sunbelt Energy GmbH. As an experienced Board Member for Technology, Jürgen Reinert will also focus on maintaining SMA's strength in innovation and technological leadership in the future," said Dr. Erik Ehrentraut, who was elected the new Chairman of the Supervisory Board on February 11, 2015.
As of March 1, 2015, the Managing Board of SMA Solar Technology AG will comprise the following members: Roland Grebe (Human Resources and IT), Martin Kinne (Sales and Service), Dr.-Ing. Jürgen Reinert (Technology), Pierre-Pascal Urbon (Chief Executive Officer, Strategy and Finance).
Disclaimer:
This press release serves only as information and does not constitute an offer or invitation to subscribe for, acquire, hold or sell any securities of SMA Solar Technology AG (the "Company") or any present or future subsidiary of the Company (together with the Company, the "SMA Group") nor should it form the basis of, or be relied upon in connection with, any contract to purchase or subscribe for any securities in the Company or any member of the SMA Group or commitment whatsoever. Securities may not be offered or sold in the United States of America absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended.
This press release can contain future-oriented statements. Future-oriented statements are statements which do not describe facts of the past. They also include statements about our assumptions and expectations. These statements are based on plans, estimations and forecasts which the Managing Board of SMA Solar Technology AG (SMA or company) has available at this time. Future-oriented statements are therefore only valid on the day on which they are made. Future-oriented statements by nature contain risks and elements of uncertainty. Various known and unknown risks, uncertainties and other factors can lead to considerable differences between the actual results, the financial position, the development or the performance of the corporation and the estimates given here. These factors include those which SMA has discussed in published reports. These reports are available on the SMA website at www.SMA.de. The company accepts no obligation whatsoever to update these future-oriented statements or to adjust them to future events or developments.
"In the course of SMA's transformation, we announced a considerable reduction in the number of executive positions at all hierarchy levels. Against this background, the Supervisory Board has decided to also restructure the SMA Managing Board and downsize it to four members. We are very sorry to see Lydia Sommer go and would like to thank her for her successful work in Finance, Legal and Compliance. Furthermore, she played a key role in reorganizing Human Resources and achieved enormous increases in efficiency by means of systematic process improvements. However, despite Lydia Sommer's impressive work, the Supervisory Board believes that downsizing the Managing Board is the right step in light of SMA's current development. As SMA Chief Financial Officer from 2009 to 2012, Pierre-Pascal Urbon has proven his outstanding expertise in the field of finance and has been responsible for Investor Relations ever since SMA's IPO. Roland Grebe has extensive experience in the areas of human resources and IT, and he will also contribute his development knowledge to the future orientation of both the SMA Railway Technology subsidiary and SMA Sunbelt Energy GmbH. As an experienced Board Member for Technology, Jürgen Reinert will also focus on maintaining SMA's strength in innovation and technological leadership in the future," said Dr. Erik Ehrentraut, who was elected the new Chairman of the Supervisory Board on February 11, 2015.
As of March 1, 2015, the Managing Board of SMA Solar Technology AG will comprise the following members: Roland Grebe (Human Resources and IT), Martin Kinne (Sales and Service), Dr.-Ing. Jürgen Reinert (Technology), Pierre-Pascal Urbon (Chief Executive Officer, Strategy and Finance).
Disclaimer:
This press release serves only as information and does not constitute an offer or invitation to subscribe for, acquire, hold or sell any securities of SMA Solar Technology AG (the "Company") or any present or future subsidiary of the Company (together with the Company, the "SMA Group") nor should it form the basis of, or be relied upon in connection with, any contract to purchase or subscribe for any securities in the Company or any member of the SMA Group or commitment whatsoever. Securities may not be offered or sold in the United States of America absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended.
This press release can contain future-oriented statements. Future-oriented statements are statements which do not describe facts of the past. They also include statements about our assumptions and expectations. These statements are based on plans, estimations and forecasts which the Managing Board of SMA Solar Technology AG (SMA or company) has available at this time. Future-oriented statements are therefore only valid on the day on which they are made. Future-oriented statements by nature contain risks and elements of uncertainty. Various known and unknown risks, uncertainties and other factors can lead to considerable differences between the actual results, the financial position, the development or the performance of the corporation and the estimates given here. These factors include those which SMA has discussed in published reports. These reports are available on the SMA website at www.SMA.de. The company accepts no obligation whatsoever to update these future-oriented statements or to adjust them to future events or developments.
