Conergy expands Management Board; eyeing growth markets

Conergy AG (“Conergy”) expands its Management Board team from the own ranks and strengthens especially the expertise in the important growth market Asia. The Chairman of the Supervisory Board, Dr. Philip Comberg (44) is sent to the Management Board as CEO for one year with immediate effect. He is responsible for Strategy, Corporate Development, Corporate Communications, Human Resources, Compliance and Legal. Dr. Philip Comberg, a former investment banker, independent investor and consultant, has substantial knowledge about the industry and the Asian solar market due his former engagement on the Board of Solarfun Power Holdings.

Board member Alexander Gorski (40) will continue to be responsible for the company’s operations as Chief Operating Officer and, additionally, for the region Europe. Under the leadership of Mr. Gorski the operational restructuring has successfully been furthered and the course has been set for growth and profitability. The tenure of Mr. Gorski has been extended by two years until the end of 2014.

Marc Lohoff (42) will take on responsibility for Asia Pacific, North America and the Middle East. The former leader of the region Asia Pacific located in Singapore has longstanding sales and management experience in the solar and semiconductor business. Mr. Lohoff is the first board member in the history of Conergy not to be located in Hamburg, but in Singapore. “Already today Asia is the largest growth market for Conergy. We are profiting from the successful work over the past years, that Mr. Lohoff significantly shaped,” said Dr. Philip Comberg.

Jan Vannerum (42), previously responsible for Accounting and Controlling at Conergy, will move up to the Management Board as Chief Financial Officer. He succeeds Dr. Sebastian Biedenkopf, who will leave Conergy by the end of February at his own request, as announced two months ago. Jan Vannerum is a well-known financial expert, who previously worked in several financial functions at Bayer AG. He has accompanied the financial restructuring of Conergy closely and knows the company for many years now.

Dr. Philip Comberg said: “With joint forces, Conergy has successfully completed the financial restructuring and laid the basis for the strategic realignment. We are now concentrating on further expanding our strong market position. The Supervisory Board incumbent since September 2011 staffed the Management Board specifically from the ranks of the own management. This ensures continuity and stability for Conergy and its customers. With these changes in the Management Board, Conergy aligns more with the worldwide trends of the industry and puts the non-European markets into focus more consequently”.

With the successful closing of a capital cut and subsequent capital increase in July 2011 Conergy reduced its credit liabilities from € 323 m to now € 122 m. The company concluded a new credit agreement for the remaining debt until 2015. Following the financial restructuring, Conergy now consequently reduces its vertical manufacturing range to become more independent from the ongoing price decline of solar components and focuses on its role as system supplier and its sales activities. In the execution of this strategy, the company sold its inverter subsidiary voltwerk electronics GmbH to the Bosch group in December 2011. Conergy further discontinued the wafer and cell production in favor of the profitable module production at the site in Frankfurt (Oder) for the time being.

Based on the global presence with branches in 13 countries in Europe, North America, Asia and Australia, Conergy concentrates on its original strength: The international sales of solar systems to installers and wholesalers, the worldwide project planning of solar parks as well as the more and more important service business.