Hanwha SolarOne Appoints New Chairman and Chief Executive Officer
Hanwha SolarOne Co., Ltd. (the "Company", or "Hanwha SolarOne"), a top-10 global photovoltaic ("PV") manufacturer of high-quality, cost-competitive solar modules, announced the appointment of Seong-woo Nam as Chief Executive Officer (CEO) and Chairman of the Board of Directors. Seong-woo Nam brings to Hanwha SolarOne rich experience and expertise in a broad range of management disciplines with a strong track record of achievement. His experience and leadership will help Hanwha SolarOne achieve its goal to become one of the leading companies in the solar power industry.
A 30-year management veteran, Seong-woo Nam joins Hanwha SolarOne from Samsung Electronics, where he recently served as the executive vice president and general manager of Samsung's IT Solutions Business, which includes its PC Business and Printer Business with 13,000 employees and revenues approaching $9 billion. While under Mr. Nam's direction the IT Solutions business experienced in four years a more than three-fold increase in revenues, sales into 90 new countries, expansion of manufacturing scale, and a more than 300% gain in market share.
Prior to leading the IT Solutions Business at Samsung, Mr. Nam spent eight years directing the Business Innovation team across a broad range of business segments including Planning, Supply Chain Management (SCM), Logistics, and Information Strategy. Under his leadership the Company launched global SCM, achieved cost reduction, and introduced process efficiencies across all global business units.
"I'm excited to join Hanwha SolarOne, where I will contribute my experience in strategic management, corporate governance and brand building to achieve fast and sustainable growth for the company," said Seong-woo Nam, "I am committed to improving Hanwha SolarOne's position in the photovoltaic industry and establishing the company as a respected leader in product quality, low-cost manufacturing, product innovation and strong financial performance."
The Board of Directors also accepted the resignation of President and Board member Min-Su Kim and appointed Jay Seo, Chief Financial Officer and Head of China Business as a member of the Board of Directors.
About Hanwha SolarOne
Hanwha SolarOne Co., Ltd. (NASDAQ: HSOL) is one of the top 10 photovoltaic module manufacturers in the world, providing cost-competitive, high quality PV modules. It is a flagship company of Hanwha Group, one of the largest business enterprises in South Korea. Hanwha SolarOne serves the utility, commercial, government and residential markets through a growing network of third-party distributors, OEM manufacturers and system integrators. The company maintains a strong presence worldwide, with a global business network spanning Europe, North America, Asia, South America, Africa and the Middle East. As a responsible company committed to sustainability, Hanwha SolarOne is an active member of the PV Cycle take-back and recycling program. For more information, please visit: www.hanwha-solarone.com
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this press release and the Company's operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in Hanwha SolarOne's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.