REpower restructures management level
Hamburg (euro adhoc) -
- Current Supervisory Board members Dr. Hans-Joachim Reh and Dr. Jorge Martins resign from office at the end of the year - CEO Prof. Fritz Vahrenholt and André Horbach in company's Supervisory Board as of 1 January 2008 - Per Hornung Pedersen to become REpowers CEO - Executive Board to be expanded to five members in first half of 2008
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Hamburg, 2nd November 2007. In preparation for the planned growth in the coming years, the management level of REpower Systems AG (WKN 617703) is to be restructured. This was resolved by the Supervisory Board in its meeting today. Dr. Hans-Joachim Reh and Dr. Jorge Martins will resign from their office as members of the Supervisory Board at the end of the year. Prof. Fritz Vahrenholt will withdraw from the day-to-day business as CEO of the wind turbine manufacturer by the end of year and move to the Supervisory Board. Mr. André Horbach, Group CEO of Suzlon will also join the Supervisory Board. Prof. Dr. Vahrenholt and André Horbach shall be appointed by the local court. It is also intended that Mr. Vahrenholt will be elected as the Deputy Chairman of the Supervisory Board. The Supervisory Board has appointed Per Hornung Pedersen as CEO from 1 January 2008.
Pedersen's last position was that of CEO of Suzlon Energy A/S in Aarhus, Denmark, a subsidiary of Suzlon Energy Ltd., Pune. The Indian company controls 86.5% of voting rights in REpower Systems AG.
In addition to Pieter Wasmuth and Matthias Schubert, two new members of the Executive Board, as yet unnamed, will be appointed during the first half of 2008. They will be responsible for the following corporate divisions: Purchasing, Production and Logistics and Sales, Marketing, Project Management and Asian business.
Vahrenholt, who holds a Ph.D. in chemistry and has been appointed a professorship in Chemistry at Hamburg University, was the Senator for the Environment of the city of Hamburg from 1991 to 1997. As a member of the Executive Board at Deutsche Shell, he was responsible for the divisions Renewable Energies and Chemicals. He had then managed the REpower Company, which was formed in 2001 by the merger of several companies, since its inception. Under his leadership, REpower successfully went public in March 2002 and went from being just a North Frisian pioneer in wind energy to becoming Germany's third-largest manufacturer of multi-megawatt wind energy turbines for onshore and offshore applications in just five years. During his term in office, the company successfully continued its international expansion: REpower founded subsidiaries and investments in countries including France, the UK, Portugal, China, Australia and, most recently, the US. Its export share has now risen to over 70%.
Prof. Vahrenholt was always particularly interested in expanding offshore business; the company began developing a high performance, competitive turbine for operation at sea early on, creating the REpower 5M. The commissioning of the prototype in spring 2005 and the successful, first-time installation of two 5Ms in the North Sea were key milestones for the turbine manufacturer. This year, Vahrenholt successfully guided REpower through a lengthy takeover battle.
Mr. Tulsi R. Tanti, Chairman of the Supervisory Board of REpower Systems AG, thanked Prof. Vahrenholt, saying: "He is an extraordinary business and political personality. Not least, it was his far-sighted strategic planning that made REpower such an attractive company for Suzlon. On behalf of the entire Supervisory Board, I wish to thank him for his more than dedicated personal commitment and am delighted that he will be staying with REpower as a member of the Supervisory Board where his wide experience, knowledge and commitment will help us to guide and mentor the management of REpower"
Having previously held positions such as that of director of Bosch Telecom Danmark A/S and CFO of NEG Micon, now owned by Vestas, since 1 August 2004, the designated CEO of REpower, Per Hornung Pedersen, was the CEO of Suzlon Energy A/S, responsible for expanding the company outside India and the associated development of Suzlon subsidiaries in countries including Denmark, the US, Australia, China, Spain or Brazil.
Tulsi R. Tanti welcomed Pedersen's appointment, stating, "As an experienced manager in the wind energy area who has already worked in Germany, he has the right profile and business skills to take REpower into the next phase of growth and profitability together with the other members of the Executive Board."
end of announcement euro adhoc 02.11.2007 13:13:50
Further inquiry note:
Thomas Schnorrenberg
Investor Relations Manager
Telefon: +49(0)40-53930-723
E-Mail: t.schnorrenberg@repower.de
Branche: Alternative energy
ISIN: DE0006177033
WKN: 617703
Index: Prime All Share, CDAX, Technologie All Share
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