Literature Review Women on boards and in TMTS and firm performance 113 line with complexity Delays in deliveries of con tracted modules CONERGY AG 2008 April 8 The new management decided on a change in strategy thereby focusing on the core PV business and on key markets The new strategy provided for the withdrawal from unprofitable markets coun tries and the small projects business as well as the divestment of discontinued operations more precisely solar thermal bio energy activities and wind activities Further elements of the restructur ing strategy were a flexible and lean organizati on effective cost structures in labor material costs and processes the introduction of best practice IT systems and the reduction of working capital The Frankfurt Oder production plant was seen un changed as key strategic decision to secure the business model CONERGY now targeted profitable operation in the second half of 2009 CONERGY successfully bargained the total contract volume down to US 4 billion mid 2008 but in re turn had to accept higher pricing CONERGY AG 2008 July 10 Silicon prices started to fall from US 450 to 500 per kilogram in 2008 down to US 60 to 80 during 2009 and further down to US 50 in 2010 Rentzing 2010 June 18 but CONERGY was obliged to pay the agreed full price irrespective of the real need for wafers as it had signed a take or pay contract Furthermore CONERGY claimed that the contract included clau ses that meant barriers to competition Murphy 2009 Sept 23 As neither quantities nor pricing were appropriate to the changed market conditions in CONERGY s view CONERGY filed a lawsuit against MEMC at a court in New York in April 2009 After 20 months CONERGY succeeded in January 2010 and achieved an adjustment of the contract in an out of court settlement CONERGY 2010 January 24 The main responsibility for this situation posing a threat to the Group s existence rests with former CEO Rueter under whose leadership and hubris the contract had once been negotiated During the years 2008 to 2012 the company ex perienced multiple changes in the composition of the Management Board It was required to restate its accounts 2007 and 2008 performed two further capital increases with significant volumes at the end of 2008 and in July 2011 received new or pro longed bridging financing and achieved extension of loans from the lending banks and twice had to give notice that a loss amounting to half the sha re capital of CONERGY AG had occurred 2011 and 2012 Eventually CONERGY AG declared insolvency in 2013 The Hamburg prosecutor had filed suits against Rueter and Ammer as well as against other for mer managers in 2011 Subjects of the suits were insider trading accounting fraud and market ma nipulation They were accused of having sold share packages between December 2006 and April 2007 The actual trial however began only in spring 2015 Penalties were lenient Ammer as former Chairman of the Supervisory Board was acquitted in October 2015 Rueter and other members of the executive board were also acquitted or sentenced to a fine for a regulatory offence CONERGY s share price had fallen by more than 50 percent during the crisis year of 2007 On January 12th the day after the first profit warning the sha re price had stood at EUR 48 69 and some analysts adhered to their buy recommendation with tar get prices above EUR 60 respectively EUR 70 After the third profit warning in December the share price had come down to EUR 22 90 Target prices were now below EUR 20 The share price never recovered again Since mid 2008 it has remained below EUR 10 and kept falling The share price was as little as EUR 0 32 on November 7 2012 and it remained a penny stock until 2013 CEO optimism and overconfidence

Vorschau DIRK-Forschungsreihe Band 21 Workforce diversity and personal policies Seite 113
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