CEO of Tempe-based First Solar resigns

[ChandlerJr]

Source: AZCENTRAL.COM

The chief executive of Tempe-based First Solar Inc. quit Tuesday after two years on the job, while the company's once high-flying stock continued to take a beating in the wake of the Solyndra Inc. federal solar loan scandal.

Rob Gillette served as president and chief executive of Phoenix-based Honeywell Aerospace before taking the helm of First Solar in October 2009.

First Solar is one of the largest makers of solar panels in the world, with factories in Ohio, Germany and Malaysia, and a new one underway in Mesa.


First Solar said that former CEO Michael Ahearn, an Arizona lawyer who launched the solar company with backing from the Walton Family of Walmart fame, will serve as interim CEO effective immediately.

But the company's stock has taken a nosedive this year, particularly after California-based Solyndra filed bankruptcy in August after taking more than a half billion dollars in federal loans.





Read more: http://www.azcentral.com/business/articles/2011/10/25/20111025first-solar-ceo-gillette-resigns-tempe-arizona.html

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Stock closed down 25% on the day. This was a big deal among a bunch of my retired friends here in Arizona a few years ago. I stayed away, but many were convinced that it was the next MSFT or AAPL.

Lots of stomach grumbling at the early bird dinner specials today to be sure.

[SkyDaddy7]

1. It is hard to compete with Chinese companies

as the government over there is subsidizing the cost so they can corner the global market...We simply can't compete if our government is not willing to play the same game.

[valerief]

2. Yep. We need a fair trade policy. nt

[fascisthunter]

3. my answer to that, is to circumvent capitalism

think outside the box... utilize our government by way of taxes to research and develop alternative energy. Enough is enough...

PS - our need for energy is a national security issue.

[alp227]

4. well the US subsidized FAILED companies like Solyndra

that can't be a factor can't it?