First Solar plunges on sudden CEO departure
The company didn't give a reason for why Rob Gillette left his post.
That's what's happening to First Solar (FSLR) Tuesday after chief executive Rob Gillette left the company effective immediately. Shares of the solar company fell more than 25% to close at $43.27.
The company didn't give a reason for Gillette's departure. Its chairman and founder, Mike Ahearn, will take over the chief executive duties until a search committee can find a permanent replacement.
Gillette isn't the only executive to depart. The man who led the company's utility systems business group said in August that he would resign after five years at the company, Dow Jones reports.
The solar industry is in sad shape, hit by weak demand, low prices and too many solar panels being made in China, Dow Jones reports.
And analysts think layoffs are coming. Citi analysts think as much as 10% of the workforce could leave "owing to the reality that (First Solar) may have to run factories at less than full utilization" during the next several quarters.
And, the analysts note, only one of the top six corporate officers listed in the 2008 annual report remains at the company.
Sounds like a mess.
time is long overdue for significant import tarrifs on imports from source nations that do not have same environmental, labor and social standards as us. free trade with EU? absolutely, free trade with the mega-polluting, union-brusting, totaliatrian regimes elsewhere? hell no.
Buying stuff from China is a 2 headed coin, Lets face the cacts---
Yes, we should buy US made products,
The shoes made in China that you buy in Walmart cost $19,95
If the same shoes were made here is the US, you would be paying $129,95 for them, (if they were made in a Union shop).
What is the answer, I think it is tooooooo late to fix. We opened up our borders the past 20 years and now we are "out voted". Just think, people that never worked or wanted to support themselves, (and are being supported by people that do work), still have the right to vote and therefore vote themselves a "raise". Would it be fair that if a person is not supporting themselves, they loose the right to vote (vote themselves a raise)????
Regardless, everyone should have food and shelter, and we should "take care of our own" first, but there has to be some rules to go by. But, we keep sending billions and trillions to foreigners that hate us, and educating them in university's that we built for our own children. Sad, very sad..
A last word about China, they never are on our side in world affairs, they always vote against us. WAKE UP!!!!!!!!!!!!!!!!
I think it is a little late the fix things.
I believe that if AMERICANS showed a little bit more love for this country and stopped buying
crap from China, our industries would have an incentive to produce more here. It goes without saying that a great number of our young people have lost their lives to protect corruption
in the Middle East. We should invest in every form of energy creation in this country. We
have two oceans, deserts, mountains, plains, etc. These are the environments that facilitate
the production of energy by different natural resources, wind, coal, hydro, oil, you name it.
This is a huge country, blessed by nature. We should not resign ourselves to be hostages
of dictators because we need oil. This govt does not have money to give tax incentives to
companies that do this type of research, but sends billions of dollars to stuff the pockets
of the dictator of the day. WAKE UP americans!
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Why are stronger numbers considered bad news? Investors are worried about the impact on inflation and interest rates.
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