Mark R. Widmar Appointed Chief Executive
Officer Effective July 1, 2016
Jim Hughes to Serve as Advisor and Remain on
Board of Directors
First Solar, Inc. (Nasdaq: FSLR) (the “company”) today announced
that current Chief Financial Officer Mark R. Widmar has been
appointed Chief Executive Officer, effective July 1, 2016. He will
also join the First Solar Board of Directors at that time. As part
of a transition plan, Mr. Widmar will succeed James A. Hughes, who
plans to step down as Chief Executive Officer effective June 30,
2016. Mr. Hughes will continue to support the company in an
advisory role and remain on the Board.
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Mark R. Widmar has been named CEO of
First Solar, Inc., effective July 1, 2016. (Photo: Business
Wire)
Mr. Widmar has served as First Solar’s Chief Financial Officer
since 2011 and served as First Solar’s Chief Accounting Officer
from February 2012 through June 2015, overseeing the company’s
industry best balance sheet and strong financial performance.
“Leadership succession planning has been a joint effort between
Jim and the board,” said Michael J. Ahearn, First Solar’s Chairman
of the Board. “As we enter a new phase of growth and development
for the company, we believe that Mark’s proven leadership and
expertise make this an ideal time for him to take the helm. Under
Jim’s astute guidance, First Solar achieved the strongest
technology position in our history, with record bookings of new
business and unparalleled financial strength in the industry. We
are grateful for Jim’s many contributions to First Solar, and we
look forward to benefiting from his continued involvement as an
advisor and director.”
Mr. Widmar said, “I look forward to the opportunity to lead
First Solar at this exciting time and build upon the success of the
past. I also look forward to continuing to work with our Board,
management team and associates to leverage our enhanced technology
and operational strength, establish deeper customer intimacy, and
to capitalize on industry growth. By utilizing our business model
that emphasizes a disciplined and balanced approach to growth,
liquidity and profitability, we are confident in our ability to
deliver superior results to our shareholders.”
Mr. Hughes said, “It has been a great honor to lead First Solar
to its position at the forefront of the rapidly growing solar
energy industry. I am proud of the significant milestones we
accomplished as a team, particularly the achievement of the
challenging strategic objectives we laid out in 2013. With its
financial, technological and operational strength, First Solar is
well-positioned for its next phase of growth. I am confident that
now is the right time to hand over the reins to Mark. I am
optimistic about First Solar’s continued progress and prosperity as
the partner of choice for affordable solar power.”
The company also announced that Alexander Bradley, First Solar’s
Vice President, Treasury and Project Finance, has been appointed
interim Chief Financial Officer, effective July 1, 2016.
About Mark R. Widmar
Mark R. Widmar joined First Solar in April 2011 as Chief
Financial Officer and served as First Solar’s Chief Accounting
Officer from February 2012 through June 2015. Mr. Widmar also
serves as CFO and as a director on the board of 8point3 Energy
Partners LP, the joint yieldco formed by First Solar and SunPower
Corporation in 2015 to own and operate a portfolio of selected
solar generation assets. Prior to joining First Solar, Mr. Widmar
served as Chief Financial Officer of GrafTech International Ltd., a
leading global manufacturer of advanced carbon and graphite
materials, from May 2006 through March 2011, as well as President,
Engineered Solutions from January 2011 through March 2011. Prior to
joining GrafTech, Mr. Widmar served as Corporate Controller of NCR
Inc. from 2005 to 2006, and was a Business Unit Chief Financial
Officer for NCR from November 2002 to his appointment as
Controller. He also served as a Division Controller at Dell, Inc.
from August 2000 to November 2002 prior to joining NCR. Mr. Widmar
also held various financial and managerial positions with Lucent
Technologies Inc., Allied Signal, Inc., and Bristol Myers/Squibb,
Inc. He began his career in 1987 as an accountant with Ernst &
Young. Mr. Widmar holds a Bachelor of Science in Business
Accounting and a Master of Business Administration from Indiana
University.
About First Solar, Inc.
First Solar is a leading global provider of comprehensive
photovoltaic (PV) solar systems which use its advanced module and
system technology. The company’s integrated power plant solutions
deliver an economically attractive alternative to fossil-fuel
electricity generation today. From raw material sourcing through
end-of-life module recycling, First Solar’s renewable energy
systems protect and enhance the environment. For more information
about First Solar, please visit www.firstsolar.com.
For First Solar Investors
This release contains forward-looking statements which are made
pursuant to safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
include statements, among other things, concerning: effects on our
financial statements and guidance resulting from pending tax
matters; our business strategy, including anticipated trends and
developments in and management plans for our business and the
markets in which we operate; future financial results, operating
results, revenues, gross margin, operating expenses, products,
projected costs (including estimated future module collection and
recycling costs), warranties, solar module efficiency and balance
of systems cost reduction roadmaps, restructuring, product
reliability, investments in unconsolidated affiliates and capital
expenditures; our ability to continue to reduce the cost per watt
of our solar modules; our ability to reduce the costs to construct
PV solar power systems; research and development programs and our
ability to improve the conversion efficiency of our solar modules;
our ability to expand manufacturing capacity worldwide; sales and
marketing initiatives; and competition. These forward-looking
statements are often characterized by the use of words such as
"estimate," "expect," "anticipate," "project," "plan," "intend,"
“seek,” "believe," "forecast," "foresee," "likely," "may,"
"should," "goal," "target," "might," "will," "could," "predict,"
"continue" and the negative or plural of these words and other
comparable terminology. Forward-looking statements are only
predictions based on our current expectations and our projections
about future events. You should not place undue reliance on these
forward-looking statements. We undertake no obligation to update
any of these forward-looking statements for any reason. These
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause our actual results,
levels of activity, performance or achievements to differ
materially from those expressed or implied by these statements.
These factors include, but are not limited to, the matters
discussed in Item 1A: "Risk Factors," of our most recent Annual
Report on Form 10-K, Quarterly Reports on Form 10-Q, Current
Reports on Form 8-K and other reports filed with the SEC.
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version on businesswire.com: http://www.businesswire.com/news/home/20160427006695/en/
First Solar MediaSteve Krum+1
602-427-3359steve.krum@firstsolar.comorFirst Solar InvestorsStephen
Haymore+1 602-414-9315stephen.haymore@firstsolar.com
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