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 07.03.2013 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 Finance. 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 E-Mail: firstname.lastname@example.org issuer: Sunways AG Max-Stromeyer-Str. 160 D-78467 Konstanz phone: +49 (0)7531 99677 0 FAX: +49 (0)7531 99677 10 mail: email@example.com WWW: http://www.sunways.eu sector: Alternative energy ISIN: DE0007332207 indexes: CDAX, Technology All Share, General All Share stockmarkets: free trade: Berlin, München, Hamburg, Düsseldorf, Stuttgart, regulated dealing/general standard: Frankfurt language: English The content and accuracy of news releases published on this site and/or distributed by PR Newswire or its partners are the sole responsibility of the originating company or organisation. Whilst every effort is made to ensure the accuracy of our services, such releases are not actively monitored or reviewed by PR Newswire or its partners and under no circumstances shall PR Newswire or its partners be liable for any loss or damage resulting from the use of such information. All information should be checked prior to publication. -0- Mar/07/2013 16:49 GMT
EANS-Adhoc: Sunways AG / Reorganization at Board level
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