CEO to waive pay until Solarworld makes profit - report
Jul 20, 2012 - Frank Asbeck, chief executive of Solarworld AG (ETR:SWV), will give up his salary, bonus payments and dividends until the German photovoltaic (PV) group starts making profits again, he told daily Handelsblatt.
Solarworld turned to a net loss of EUR 299.3 million (USD 366.8m) in 2011 from a profit of EUR 87.3 million in 2010. Revenue decreased to EUR 1.046 billion from EUR 1.304 billion a year earlier.
Asbeck received EUR 500,000 in salary and bonuses and another EUR 2.5 million from dividends on the 28% stake he owns in Solarworld.
In the first three months of 2012, Solarworld made a net profit of EUR 7.2 million compared with the previous-year figure of EUR 12.5 million. Revenue was EUR 170.4 million against EUR 232.9 million in the first quarter of 2011.
However, the firm's shares have suffered a considerable loss in value. In the past six months the share price plummeted by 75%.
Around 1100 CET today Solarworld was trading at EUR 1.093 on the Xetra and at EUR 1.099 on the floor of the Frankfurt Stock Exchange.