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Q-Cells chief executive officer Anton Milner has resigned with immediate effect amid fears of a 'loss of confidence' from the company's investors. The supervisory board met to discuss a management shake-up on March 11, at which point they accepted Milner's exit. Current CFO, Nedim Cen, will take over as CEO, holding both positions.
Many news channels, including Reuters and Bloomberg have reported that Milner's departure is based on the €1.4bn ($1.9bn) loss reported by the company in 2009. "The very dramatic negative 2009 figures have consequences and have in particular led to a loss of confidence in the financial markets," Milner said in his statement.
Q-Cells is currently rated 'sell' by 32 of the analysts that cover the company, 'hold' by 11, while only one recommends buying the stock, which has declined by a third of its value over the past 12 months. The company lost €945.1 million ($1.29 billion) in the first nine months.The shares fell as much as 5.4%, the most since Feb. 25, and were down 2.6% at €7.41 at 2:26 p.m. local time on March 11.
Director of finance Carsten Simon will support Cen in his CFO tasks as he takes on the extra responsibility of CEO. Cen has said that the company doesn't plan any job cuts.
Milner will remain an advisor to the company.
