Anton Milner: Q-Cells CEO Resigns, CFO Cen to Lead

Anton Milner: Out as Q-Cells CEO

Q-Cells SE Chief Executive Officer Anton Milner has resigned, effective immediately, from the German photovoltaic cells maker, according .

Chief Financial Officer Nedim Cen, who joined the company from the restructuring consultants Alvarez & Marshal on an interim basis in June 2009, will take over the CEO duties and hold both positions. Cen will remain with the Q-Cells while it restructures and Alvarez & Marshal will support him in the program, called Q-Cells Reloaded.

Q-Cells ($1.84 billion) on Feb. 23. The company blamed a drastic decline in prices and a time lag in its Calyxo subsidiary becoming competitive.

Milner, one of the company’s four founders, said in a statement:

The very dramatic negative 2009 figures have consequences and have in particular led to a loss of confidence in the financial markets.

Analysts have battered Q-Cells for constant revisions in its 2009 sales outlook, .

Director of Finance Carsten Simon will support Cen in the day-to-day duties of CFO.

Milner photo: Courtesy Q-Cells

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