Tempe-based First Solar Inc. announced a new CEO Thursday as it released earnings that showed the company lost $449 million in the first three months of the year.
The company has been struggling with an oversupply of solar panels on the global market and falling subsidies in its main sales targets of Germany and Spain. The oversupply has pushed prices for solar panels down, cutting into the advantage First Solar had over competitors.
With factories around the world producing more panels than can be sold, the company has cut production and indefinitely delayed the opening of a massive factory in Mesa. It recently announced it would lay off 2,000 workers, 30 percent of its employees, though few of the cuts were in Arizona.
Against that backdrop, First Solar said that James Hughes, who joined First Solar in March as chief commercial officer, will take over as CEO.
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| James Hughes |
The company has been struggling with an oversupply of solar panels on the global market and falling subsidies in its main sales targets of Germany and Spain. The oversupply has pushed prices for solar panels down, cutting into the advantage First Solar had over competitors.
With factories around the world producing more panels than can be sold, the company has cut production and indefinitely delayed the opening of a massive factory in Mesa. It recently announced it would lay off 2,000 workers, 30 percent of its employees, though few of the cuts were in Arizona.
Against that backdrop, First Solar said that James Hughes, who joined First Solar in March as chief commercial officer, will take over as CEO.
Read More
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