Tim P. Ryan, CEO of German Phoenix Solar AG, intends to resign from the Executive Board and to leave the company. An agreement to this effect with the Supervisory Board will be concluded »within the next few days«, says Phoenix.
In October, the Supervisory Board has extended the appointment of Tim P. Ryan as Group CEO for another year. In December, the company filed for insolvency, following the drawdown of project-related letters of credit in the amount of approximately $8 million by a large customer of Phoenix Solar Inc. (the US-subsidiary of Phoenix Solar AG).
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