Literature Review Women on boards and in TMTS and firm performance96 cal batteries In 1993 he began his career as a consultant Only three years later Rueter entered the field of photovoltaics by founding his first busi ness SunTechnics GmbH providing design and ins tallation services for photovoltaic power plants At that time Rueter gained hands on experience in planning and mounting PV systems SunTechnics was merged with CONERGY upon its foundation Rueter was to head CONERGY from 1998 until the end of 2007 The economist Dieter Ammer had started his career in 1976 as auditor and tax accountant with Arthur Andersen Co and became Head of the Hamburg branch office in 1988 In 1992 Ammer moved to the Board of Management of Zucker AG Uelzen Braunschweig and was soon promoted to CEO He also acted as Speaker for Nordzucker AG from 1993 to 1997 Ammer changed to Beck Co brewery in Bremen in 1997 and became its Commercial Director Ammer acted as Chairman of CONERGY s supervisory board from the company s foundation until 2007 The relationship between the CEO and the supervisory board was insofar special as Ammer was Rueter s uncle Andreas Rueter brother of CEO Hans Martin Rueter served as member of the supervisory board several years until January 2009 In its start up phase CONERGY obtained financing from the private equity PE companies 5r Private Equity KG and Grazia Equity GmbH Both PE com panies had been initially founded by so called business angel and venture capital investor Alec Rauschenbusch in 1998 respectively 2000 Rau schenbusch studied aerospace engineering at the University of Munich at about the same time as Rueter and holds a MBA degree from Harvard Bu siness School It can be assumed that Rauschen busch did not only possess the necessary resour ces but furthermore the technical and financial knowledge to recognize and assess the great po tential of solar technology CONERGY was clearly in the position to fully profit from the benefits of the improved promotional conditions for renewable energies and particularly for solar power CONERGY started as project developer for PV in stallations and wholesaler for solar technology without an own production CONERGY s corporate vision was to become the leading systems provi der for renewable systems of energy by offering every energy consumer worldwide the best solu tion appropriate to his needs CONERGY AG 2005 p 53 The strategy aimed at enhancing the Group s flexibility by proactively establishing several pillars in the market in order to allow for compensation of fluctuations in regional demand CEO Rueter pursued this ambitious yet thoroughly realistic vision CONERGY AG 2005 p 5 through entering new regions by both establishing new subsidiaries and acquiring companies as well as diversifying the company s product range This will help to expand access to custo mers internationally and supplement the product range of the CONERGY Group th rough additional complementary techno logies Through the consistent increase in its market share and its growth into the worldwide leadings supplier for renewa ble energy sources the CONERGY Group expects synergies e g in production purchasing and distribution which will be used for a significant increase in profitabi lity CONERGY AG 2005 p 53 In line with the booming solar sector CONERGY indeed achieved an impressive growth in its first decade after being founded in 1998 Revenu es jumped from approximately EUR 1 million in 1999 to more than EUR 70 million in 2002 From CEO optimism and overconfidence

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