October 15 (Renewables Now) - German inverter maker SMA Solar Technology (ETR:S92) said today that Pierre-Pascal Urbon, its chief executive since 2011, will leave the company "at his own request" at the end of 2018.
Urbon has resigned from the management board and will be succeeded as chief executive by Juergen Reinert with immediate effect. The new CEO joined SMA in 2011 and has been a member of its management board since 2014.
The company is also reducing the members of its management board, with Reinert to become responsible for sales and service in addition to technology and operations, while Ulrich Hadding will add investor relations to his responsibilities for finance, human resources and legal affairs.
Erik Ehrentraut, chairman of SMA's supervisory board, said that with the choice of new CEO the company is counting on continuity in its management.
"Pierre-Pascal Urbon has played a major role in the successful IPO [initial public offering], the company acquisitions of recent years and the strategic reorientation, thus contributing to SMA's strong strategic and financial position," said Peter Drews, SMA founder and member of the supervisory board.
At the end of September, the inverter maker lowered its sales and earnings forecast for 2018.