First Solar CEO Bails, Stock Craters $FSLR
Today he announced that he is no longer serving as CEO of the solar industry’s largest PV module company by market share, First Solar (NASDAQ: FSLR). Largest by market cap for the time being.
The company’s founder, Mike Ahearn, will serve as interim Chief Executive Officer.
Credit Suisse notes that “today’s abrupt announcement is disconcerting, we have never quite seen a CEO departure announced in this manner in our universe.” Lazard Capital has downgraded the stock to “neutral” from “buy.”
The news sent shares of First Solar down more than 24.5 percent on Tuesday to $43.22.
First Solar is headquartered in the U.S. with global manufacturing sites. The Walton family were investors in the company early in its existence.
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