Unfortunately, it is "Netflix like" today as well - down 17% today....AFTER a horrendous run.
Looks like the CEO is stepping away, but I ran away from this sector post 2007 due to what I saw as a monstrous amount of competition coming from China, and a huge reliance on government subsidies for this industry to thrive. [Jan 3, 2008: The Long Term in Solar] Essentially this is a commodity business - and hence no real pricing power. Not to mention a bevy of Chinese companies in this field competing to lose money hand over fist the past 4 years.
- Effectively immediately, Rob Gillette is no longer chief executive officer at First Solar, which just sent out a terse press release stating chairman and company founder Mike Ahearn will serve as interim CEO.
- No further explanation was offered. The sector, which benefits from federal funding for alternative energy projects, has been under scrutiny following a Congressional inquiry into the financing of Solyndra, which declared bankruptcy in August. House Republicans have sought information on loan guarantees given to First Solar (FSLR) and SunPower (SPWRA).
- First Solar said its board has formed a committee to search for a permanent chief exec.
[Feb 6, 2009: NYT - Dark Days for Green Energy]
[May 11, 2009: Energy Conversion Devices (ENER) Results and Darker Times for the Solar Industry]
[May 26, 2009: Analyst - Some Customer(s) Switching Away from First Solar]