Hamburg, 14. March 2012, Payom Solar AG announces the replacement of two Supervisory Board members. After having finalized the strategic realignment of the company, Mr. Philip Moffat, previous Chairman of the Supervisory Board, and Mr. Jörg Reinecke resigned from their appointments as agreed with effect from February, 29 2012.
Mr. Alfons L. Kosse, financial auditor and tax accountant, and Dr. Rainer Gegenwart, ownerof a project development company in the solar energy sector, are appointed to new Members of the Supervisory Board. Alfons L. Kosse and Dr. Rainer Gegenwart have many years of experience in the area of finance as well as in the solar energy sector. Both will join the Supervisory Board from March, 1 2012 onwards and guide the company`s strategic direction.
Mr. Alfons L. Kosse is associate partner in Treuhand Oldenburg GmbH, which is with more than 200 employees one of the leading Certified Public Accountants firms in northwest Germany. In his role as chartered accountant, Mr. Kosse has had a long-term business relationship with SOLEN Energy GmbH that will be continued in his new function in the Supervisory Board of Payom Solar AG. Dr. Rainer Gegenwart holds a Ph.D. in physics and was one of the first managing directors of market leader First Solar in Europe. He was also in charge of Masdar PV in Germany, leading the global production set-up of solar modules. After 20 years of experience in the solar energy sector he has started his own company HeliosMax GmbH.
The Managing Board of Payom Solar AG welcomes the appointment of the new Supervisory Board members. “We thank Mr. Moffat and Mr. Reinecke for their contribution during a stage of strategic changes. Now we are looking forward to the cooperation with Mr. Kosse and Dr. Gegenwart, who will enrich Payom Solar AG with their expertise. Both will use their excellent business relations and networks for the further business development of the company, including our expansion into the operation of own solar plants”, says Norbert Apfel, CEO of Payom Solar AG.
After a positive start into 2012, the Managing Board expects a slight increase in the total sales volume and a positive EBIT margin for FY 2012. The ongoing internationalization as well as the specialization on medium-sized rooftop projects, that will still provide attractive margins even after the latest FIT-reduction in Germany, make the Payom Solar group highly competitive in a challenging market environment.
Source: Payom Solar AG