Solar panel maker Meyer Burger's CEO and CFO leave company (updated)

Meyer Burger Technology AG

18/09/2024 06:11

(Adds details, background)
       ZURICH, Sept 18 (Reuters) - 
    Meyer Burger's  MBTN.S  CEO and CFO are leaving the company,
the Swiss solar panels maker said on Wednesday, as part of a 
restructuring programme that will also axe nearly 20% of its
global workforce.
    CEO Gunter Erfurt is stepping down, Meyer Burger said, and
will be replaced by Chairman Franz Richter. CFO Markus Nikles is
also leaving the company, it added.
    The company said it would cut its workforce from around
1,050 at present to 850 by the end of 2025. Most of the jobs in
Europe will go.
        The plan, which aims to return Meyer Burger to
profitability, sees annual revenues of 350 million Swiss francs 
to 400 million Swiss francs ($414.05 million to $473.20
million)and core earnings in the double-digit million range from
2026 onwards.
  
        Meyer Burger has been struggling this year, as the solar
panel market has been distorted by production overcapacity in
China and trade restrictions imposed by India and China.
  
        Its shares plunged more than 50% in one day 
    last month
     after it halted its plans to build a new factory in
Colorado and delayed publishing its financial results.
  


($1 = 0.8453 Swiss francs)

 (Reporting by John Revill, editing by Miranda Murray)
 ((John.Revill@thomsonreuters.com; +41 41 528 36 37; Reuters
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