Meyer Burger announces changes in its Executive Management and Board of Directors

Meyer Burger announces changes in its Executive Management and Board of Directors

Hans Brändle, previously CEO of Oerlikon Coating, appointed Chief Executive Officer of Meyer Burger Technology Ltd as of 1 January 2017 Alexander Vogel, currently Vice Chairman of the Board of Directors, will assume the role of Chairman of the Board of Directors as of 2 December 2016, the date of the Extraordinary Shareholders’ Meeting Michael R. Splinter, previously CEO and Chairman of Applied Materials, and Hans-Michael Hauser, founder of ML Insights AG and previously Boston Consulting Group, nominated for election to the Board of Directors at the Ordinary Shareholders’ Meeting 2017 Michael R. Splinter will support the Board of Directors and the Management as designated Delegate of the Board of Directors effective 1 January 2017

Meyer Burger Technology Ltd recently announced that Hans Brändle has been appointed Chief Executive Officer as of 1 January 2017. The current CEO, Peter Pauli, will introduce the new CEO to his tasks until the end of the year and he will remain available to the Board of Directors and the new CEO in a consulting role with a focus on supporting major customer relationships. Alexander Vogel will assume the role of Chairman of the Board of Directors from Peter M. Wagner on 2 December 2016, the date of the Extraordinary Shareholders’ Meeting. The Board of Directors will also be further strengthened. At the Ordinary Shareholders’ Meeting on 27 April 2017, Michael R. Splinter and Hans-Michael Hauser will be proposed for election to the Board of Directors. Michael R. Splinter will also provide support to the Board of Directors and Management as designated Delegate of the Board of Directors beginning 1 January 2017.

In the first nine months of 2016, Meyer Burger has made significant progress in terms of incoming orders, net sales and cost management. The positive EBITDA in the first half year and as per the end of September 2016 confirm this positive development. Peter Pauli and his management team have initiated the turnaround of the company in a challenging environment. The structural programme which was announced at the end of September 2016 is being carried out efficiently and shall reduce, at unchanged level of net sales, the company’s current annual operating cost base by about CHF 50 million. This will lay the foundation for achieving sustainable profitability.

In the coming days, the convertible bondholders and the shareholders of Meyer Burger Technology Ltd will determine the course for decisively strengthening the capital structure. Through the planned recapitalisation programme the company will secure redemption of the CHF 130 million straight bond which is due in May 2017, and it will create a solid base to further develop Meyer Burger’s recognised strong technologies and its leading position in the market. The Board of Directors and the Management are convinced that the successful implementation of the recapitalisation programme will provide the company with the required financial strength and flexibility, to profit from the growth opportunities in the solar industry, on the basis of a competitive cost structure, which is in the best interest of all stakeholders.

Alexander Vogel, designated Chairman of the Board of Directors, said: “Peter Pauli has led the company as CEO for the past fourteen years and has made a very significant contribution to building Meyer Burger into a globally recognised market and technology leader in the photovoltaic industry. We sincerely thank him for his deep commitment which was exemplary and very impressive. As per Peter Pauli’s request, he will step down from the Board of Directors of Meyer Burger Technology Ltd on 2 December 2016. The Board of Directors and the Management wish Peter Pauli all the best for both his personal and professional future.”

Alexander Vogel commented further: “Peter M. Wagner has executed his responsibilities within the Board of Directors under some very difficult market conditions and he is completing his role with significant measures for our company and a smooth transition of leadership. On behalf of the Board of Directors I would like to thank him for his work and we wish him all the very best for his future.”

With Hans Brändle, the Board of Directors is very pleased to have a new CEO with strong knowledge of our industry and proven leadership skills. His work will be crucial in ensuring that Meyer Burger takes advantage of future opportunities in the market and realises the full potential of its technologies. An important sign of confidence is the willingness of Michael R. Splinter and Hans-Michael Hauser to join the Board of Directors at this important point in time for our company. We are particularly pleased that we will be able to profit from Michael R. Splinter’s extensive experience in the cyclical semiconductor and solar business.”

Peter M. Wagner will step down from the Board of Directors of Meyer Burger Technology Ltd on 2 December 2016. Michael R. Splinter will also support the Board of Directors and Management as designated Delegate of the Board of Directors beginning 1 January 2017. Michael R. Splinter and Hans-Michael Hauser are immediately available to the Board of Directors and will be proposed to the Ordinary Shareholders’ Meeting on 27 April 2017 for election to the Board of Directors.