PR Newswire/euro adhoc/
EANS-Adhoc: Sunways AG / Reorganization at Board level
ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is solely responsible for the content of this announcement.
Board of Directors (Appointments and Changes)/Company Information
Konstanz, 07 March 2013 - Management Board and Supervisory Board of Sunways AG
(SWW:GR, SWWG.DE, ISIN DE0007332207) today decided on organizational changes
and enhancements. These decisions were made against the background of the
current developments on international photovoltaic markets, to further
accelerate the turnaround of Sunways, for a closer integration of its business
with the rest of the LDK Solar Group, and in view of the potential European
Commission antidumping action on solar modules.
Mr. Mario Zen, the Chairman of the Management Board of Sunways AG, has resigned
from the Management Board with immediate effect. Mr. Zen will remain at Sunways
as Vice President of Restructuring fully dedicated and focused on the following
strategic tasks: to head the restructuring of the Company and its business, to
reach constructive settlements with creditors and other stakeholders of Sunways,
and to develop the new European and international business with Sunways solar
inverters and Sunways solar modules made in the European Union and the People's
Republic of China together with Mr. Jürgen Frei.
Jürgen Frei, Member of the Management Board of Sunways AG also has resigned from
the Board with immediate effect. Jürgen Frei will stay with Sunways as Vice
President of Sales and Marketing to further develop, together with Mario Zen,
the new European and international business with Sunways solar inverters and
Sunways solar modules made in the EU and in China.
The Supervisory Board of Sunways AG has appointed, with immediate effect, Mr.
Hoong Khoeng Cheong (currently LDK Solar Co., Ltd.) as new Chairman of the
Management Board of Sunways AG and Mr. Steve Huiyuan Zha (currently LDK Solar
Co., Ltd.) as Member of the Management Board and Vice President in charge of
A citizen of Malaysia, Mr. Cheong holds a Bachelor of Science degree in
Mechanical Engineering from the University of Louisiana, USA, and a Master of
Science degree in Computer Integrated Manufacturing from Nanyang Technology
University, Singapore. With more than 20 years of engineering and operation
experience in the solar and electronics industries, Mr. Cheong served as Vice
President of Engineering of an affiliate of Flextronics International Ltd. and
General Manager of Solar Power Inc. Mr. Cheong joined LDK Solar Co., Ltd. in
2011 as Vice General Manager of the LDK solar modules business unit.
A citizen of the People's Republic of China, Mr. Steve Huiyuan, Zha holds a
Bachelor of Science degree in Economics from Peking University, China, and a
Master of Business Administration from the Berlin University of Applied
Sciences, Germany. With over 15 years of experience and managerial positions in
the fields of marketing, strategic planning, business consulting, import &
export insurance as well as treasury management for companies located in both
China and Germany, Mr. Zha joined LDK Solar Co., Ltd. in 2011 as Director of
Treasury of the LDK Solar Group.
Further inquiry note:
Dr. Harald F. Schäfer
Head Corporate Communications and Investor Relations
Tel.: +49 (0)7531 996 77-415
issuer: Sunways AG
phone: +49 (0)7531 99677 0
FAX: +49 (0)7531 99677 10
sector: Alternative energy
indexes: CDAX, Technology All Share, General All Share
stockmarkets: free trade: Berlin, München, Hamburg, Düsseldorf, Stuttgart,
regulated dealing/general standard: Frankfurt
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-0- Mar/07/2013 16:49 GMT
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