25 Oct '11, 8pm

First Solar's CEO Leaves Abruptly Amid Tough Times For Solar Industry

First Solar's CEO Leaves Abruptly Amid Tough Times For Solar Industry

First Solar’s shares plummeted 26 percent to reach $43.06 per share near Tuesday's closing. The Arizona thin-film maker is mum about the reason for Gillette’s leaving, which is “effective immediately.” A spokesman said the company will not be talking about the change of leadership until the earnings call next week. Gillette became the CEO in October 2009 after spending four and a half years as CEO of Honeywell Aerospace. Ahearn then stepped down from the CEO post after spending nearly 10 years building First Solar into a successful public company. When he left, First Solar was moving up in sales and profits, and it had entered the project development business in earnest with the $400 million purchase of OptiSolar’s unfinished projects in early 2009. Last year was a good one for First Solar, too, though the company knew it couldn’t depend on Germany — and by extension Europ...

Full article: http://www.renewableenergyworld.com/rea/news/article/2011...

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