By Polya Lesova, MarketWatch
FRANKFURT (MarketWatch) -- Shares of Solar Millennium AG tumbled as much as 35% on Tuesday, as investors reacted to the surprising resignation of the German company's chief executive after having served in the post for less than three months.
Utz Claassen has stepped down as member and chairman of the management board of Solar Millennium /quotes/comstock/23k!ms2m (DE:S2M 21.35, -0.57, -2.60%) without giving details about his decision, the company said in a statement late Monday. Claassen referred to his contractual right to quit his office within a certain period.
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"The resignation came unexpectedly," said Helmut Pflaumer, chairman of the supervisory board.
The duties of the management board will be reorganized "in due course to ensure the sustainable growth of Solar Millennium," Pflaumer said.
Claassen, who is 46, started his position as chief executive on Jan. 1. Previously, he had served as CEO of EnBW Energie Baden-Württemberg AG, Germany's third biggest utility, from 2003 to 2007.
Solar Millennium's shares fell 13% to 25.13 euros in late morning trading on Xetra. Earlier, they plunged to an intraday low of 18.88 euros.
Based in Erlangen, Germany, Solar Millennium develops solar-thermal power plants. It operates through subsidiaries in Germany, Spain, the U.S. and China.
Polya Lesova is reporter for MarketWatch, based in Frankfurt.
