Solar ♦ news digest
IQE in becoming a leading global supplier of CPV wafers in solar power. This will include the transfer of CPV technology, establishment of wafer manufacturing capability, and subsequent ramp into high volume production. The firm hopes to accomplish this by working closely with various teams around the globe.
the Company’s Board of Directors and is increasing the size of the Board from nine to eleven.
The vacancies are for two independent directors. As detailed in its Proxy Statement, which was filed yesterday with the Securities and Exchange Commission, First Solar nominated George “Chip” Hambro and Richard “Rick” Chapman to stand for election to the Board at the Company’s Annual Meeting of Stockholders, which will be held on May 23, 2012. Chapman will serve as an independent director.
To fill the two new vacancies, First Solar has retained an executive search firm to help identify candidates with experience that will support the Company’s strategy to compete as a vertically integrated provider of CdTe photovoltaic power plants in energy markets that are sustainable without subsidies.
The Company also announced that José Villarreal, a director since 2007, will retire from the Board due to personal commitments and will not seek re-election at the Annual Meeting.
Russ Wagner, Vice President, Global Projects, IQE plc.
Wagner brings twenty years of valuable semiconductor industry experience to the position, most recently as Vice President of Operations at Anadigics. His previous positions include General Manager of Fairchild Semiconductor’s RF Power Group, VP Business & Strategic Development at Raytheon RF Components, and VP Finance & Corporate Development of Litton Systems Inc.’s Airtron Division.
All of these included responsibility for strategic and tactical management of world-wide operations, partnerships, and corporate growth initiatives.
Drew Nelson, IQE’s Chief Executive, comments, “Russ brings extensive industry experience and demonstrated success at creating value-generating partnerships to our team. I am confident that under his leadership IQE and SJC will achieve the goals we have set for our strategic relationship.”
Wagner achieved his B.S. degree from the University of Dayton and has pursued post graduate work on the Litton Executive Education program at the Wharton School, University of Pennsylvania and the Raytheon Business Leadership program at the University of Chicago’s Graduate Business School.
“We are pleased to be adding two distinguished candidates to the First Solar Board of Directors. Chip and Rick are both knowledgeable about First Solar’s strategy and operations and have diverse experience and expertise that will make them valuable additions to our board. We are also committed to further expanding our board by adding two additional independent directors to support our long-term strategic plan,” says Mike Ahearn, First Solar’s Chairman and Interim CEO. “On behalf of the First Solar Board of Directors, I extend my gratitude to José, who has been an engaged and dedicated Director for the past five years.”
Chapman, 58, is CFO of Walton Enterprises, where he has worked since 1983. In his current capacity, Chapman oversees all aspects of the Walton Family Office in Arkansas. Chapman currently serves as a director on the boards of the Arvest Bank Group; the University of Arkansas Foundation, where he serves on the Executive and Finance Committees; and the Razorback Foundation, where he is a member of the Investment Committee. Chapman was previously a member of the Board of Managers of First Solar Holdings, LLC prior to the Company’s initial public offering and JWMA (formerly True North Partners, L.L.C.), an equity investment firm. Chapman earned a B.S.B.A. in Accounting from the University of Arkansas and is a Certified Public Accountant.
CdTe innovator First Solar to
expand the Board The firm has nominated George Hambro and Richard Chapman to serve as additional independent directors, while director José Villarreal will retire from the Board
First Solar has nominated two new candidates for election to April/May 2012
www.compoundsemiconductor.net 143
Hambro, 48, previously held various positions at First Solar from June 2001 through June 2009, including serving as Chief Operating Officer from February 2005 through May 2007. Prior to joining First Solar, he held the positions of Vice President of Engineering & Business Development for Goodrich Aerospace from May 1999 to June 2001 and Vice President of Operations for ITT Industries from February 1997 to May 1999. For the last five years, Hambro has been a director of both the Toledo Zoo and Imagination Station, Toledo’s children’s science museum. Hambro currently serves on the board of directors of Soladigm, a developer of next-generation green building solutions. Hambro graduated from the University of California at Berkeley with a B.A. in Physical Science (Applied Physics).
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