First Solar, Inc. has announced that current Chief Financial Officer Mark R. Widmar has been appointed Chief Executive Officer, effective July 1, 2016.
Mark 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.
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.
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.
Michael J. Ahearn, First Solar's Chairman of the Board, commented:
"Leadership succession planning has been a joint effort between Jim and 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 toFirst 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."