Here is the rest of the article.Can you tell me if this is good? Will the company now produce earnings or will it still need more cash next year?
newsalert.com
MEMC Board Elects Klaus von Horde CEO
ST. PETERS, Mo.--(BUSINESS WIRE)--Feb. 18, 1999--
Viefhues to Continue on as Director, Following Retirement
The Board of Directors of MEMC Electronic Materials Inc. (NYSE:WFR) announced that Ludger
Viefhues has elected to retire as Chief Executive Officer effective immediately and that Klaus von
Horde, now President and Chief Operating Officer, will become President and Chief Executive
Officer.
Mr. Helmut Mamsch, Chairman of MEMC Electronic Materials, said, "MEMC has been involved in
an active program to restructure its operations and staff to respond to the difficult conditions which
confront the silicon wafer industry throughout the world. We also thought it appropriate to strengthen
the Company's leadership by combining the CEO and President's roles. Mr. Viefhues, who has
served as CEO since 1996 and has been a key employee with HuLS AG and VEBA AG for more
than 30 years, indicated to the Board his willingness to retire early and turn over the reins of
leadership to Mr. Klaus von Horde, who joined MEMC in 1997 and is presently President and Chief
Operating Officer. The Board is pleased to announce that Mr. Viefhues has agreed to remain a
Director to assist in an orderly transition. We thank him for his years of loyal service and effective
leadership, and wish him and his family well in the future."
Mr. Ludger Viefhues said, "After the extensive restructuring program, MEMC is well positioned to
play a stronger role in the competitive silicon wafer business and serve its worldwide customers better
with advanced products and services. Klaus von Horde has the right background we need to lead the
Company at this time, and I am pleased the Board selected him to succeed me."
Mr. von Horde, 56, brings 30 years of management experience in the engineering business to the
CEO position at MEMC. Since he joined MEMC in 1997 he has led the transformation effort to
improve the operating performance of the Company. Previously, Mr. von Horde was CEO and
Chairman of the Management Board of Carl Schenck AG, a German engineering and equipment
manufacturing company with sales of over $500 million and over 5,000 employees. Before that, Mr.
von Horde served as Member of the Management Board of Asea Brown Boveri Industrie AG after
15 years of management experience at General Electric.
In commenting upon his election as CEO, Mr. Von Horde said, "MEMC is grateful for Ludger's
contribution and dedication to the development of this Company. Today, there are still many
challenges ahead of us, but I believe we are moving in the right direction."
MEMC is the second-largest producer of silicon wafers in the world. The silicon wafer is the
fundamental building block of semiconductors, which in turn, are found in every type of
microelectronics application, including computer systems, telecommunications equipment,
automobiles, consumer electronics products, industrial automation and control systems, and analytical
and defense systems.
Headquartered in St. Peters, MO, MEMC operates manufacturing facilities directly or through joint
ventures in Italy, Japan, Malaysia, South Korea, Taiwan and the United States. MEMC is the leading
worldwide producer of silicon wafers outside of Japan and is the only non-Japanese silicon wafer
manufacturer with manufacturing and research facilities in Japan.
News releases and other information about MEMC are available on the Internet via the World Wide
Web at www.memc.com.
CONTACT: MEMC Electronic Materials Inc., St. Peters
Janine Orf
Director of Investor Relations
(314) 279-5443
or
Morgen-Walke Associates, New York
Michele Katz/Connie Bienfait/
Elric Martinez
Press: Lee Foley/Frank Domondon
(212) 850-5600 |
