Solar Millennium CEO quits without warning

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Solar Millennium CEO, Utz Claassen has unexpectedly resigned after serving in the position for only three months. The company faced a management shake-up and tumbling shares this morning as the news reached concerned investors.

Claassen gave no details about his decision to leave, except for referring to his contractual right to quit his office within a certain period. “The resignation came unexpectedly,” said Helmut Pflaumer, chairman of the supervisory board.

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Company shares fell as much as 35% on Tuesday March 16, as investors reacted to the unforeseen resignation. Shares fell 13% to €25.13 in late morning trading on Xetra. Previous to that, they plunged to an intraday low of €18.88.

Claassen took on the position at Solar Millennium on Jan. 1 this year. Previously, he had served as CEO of EnBW Energie Baden-Württemberg from 2003 to 2007.

The duties of the management board will be reorganized “in due course to ensure the sustainable growth of Solar Millennium,” Pflaumer concluded.

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