Mark R. Widmar Appointed Chief Executive Officer Effective July 1,
2016
Jim Hughes to Serve as Advisor and Remain on Board of Directors
TEMPE, Ariz.--(BUSINESS WIRE)--
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160427006695/en/
First Solar Media
Steve Krum
+1 602-427-3359
steve.krum@firstsolar.com
or
First
Solar Investors
Stephen Haymore
+1 602-414-9315
stephen.haymore@firstsolar.com
Source: First Solar, Inc.
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