Solar cell and module manufacturer Meyer Burger has appointed Franz Richter as its new CEO.
The appointment comes less than a week after Gunter Erfurt stepped down as CEO of the company, along with Markus Nikles, the former CFO.
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Richter was already on the board of directors of Meyer Burger, and brings along an extensive experience in restructuring industrial companies. Meyer Burger also noted that Richter also has a deep knowledge of mechanical engineering and physics.
More recently, Richter held operational roles at Süss MicroTec AG and Dr. Hönle AG, which Meyer Burger said will bring the expertise needed for the “challenges ahead”.
“Meyer Burger has the technology and expertise to succeed in the future. The realignment is a crucial step in strengthening our market position and achieving long-term profitability,” said Richter.
The departure of its CEO and CFO last week was not the only announcement from Meyer Burger. The company announced a “strategic realignment” of its operations to “focus on production and technology to ensure [a] return to profitability” with some job cuts. Its workforce is expected to be reduced from 1,050 to 850 employees by the end of 2025.
Prior to the job cuts and several of its executives stepping down, Meyer Burger also scrapped the construction of its 2GW solar cell manufacturing plant in Colorado, US. The solar manufacturer claimed that the project was “no longer financially viable”.
