Bloomberg News

Solarworld CEO Waives Pay Till Profits Return, Handelsblatt Says

July 20, 2012

Frank Asbeck, chief executive officer of Solarworld AG (SWV), said that he will relinquish his pay until the company is profitable again, he told Handelsblatt.

“I will forgo my salary, my bonus and my dividend payments till Solarworld writes profits again,” the CEO of the Bonn- based solar-panel maker said.

In 2011 Asbeck earned 500,000 euros ($612,800), he holds 28 percent of Solarworld and received dividend payments of 2.5 million euros ($3.1 million), Handelsblatt reported. In the last six months Solarworld’s stock lost more than 75 percent and fell to 1.04 euros, the newspaper wrote.

To contact the reporter on this story: Janhenrik Forster in Frankfurt at jforster14@bloomberg.net

To contact the editor responsible for this story: Douglas Lytle at dlytle@bloomberg.net


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