Meyer Burger's CFO and CEO have left the company

Meyer Burger announced on Wednesday that its CEO and CFO will be leaving the company. This is part of a restructuring program which will see the company lose nearly 20% of their global workforce.

Meyer Burger announced that Gunter Erfurt, the company's CEO, will step down and be replaced by Franz Richter, its chairman. The company also announced that CFO Markus Nikles will be leaving.

The company announced that it would reduce its workforce by 850 employees at the end of 2025. The majority of jobs in Europe are going to be lost.

In order to achieve profitability, the plan aims for Meyer Burger to have annual revenues between 400 and 350 million Swiss Francs (414.05 million to 473.20 millions) as well as core earnings of double digits from 2026.

Meyer Burger has struggled this year as the solar market has been distorted due to overcapacity and trade restrictions in India and China.

The shares of the company fell more than 50% on one day

Last month

After it delayed the publication of its financial results and halted plans to build a factory in Colorado, the company ceased its plans. $1 = 0.8453 Swiss Francs (Reporting and editing by Miranda Murray).

(source: Reuters)