First Solar, Inc. (NASDAQ: FSLR) has already been under pressure and now the company is losing another key executive. Bruce Sohn, President, Operations, is leaving First Solar. The company’s filing said the firm and he “mutually agreed to end Mr. Sohn’s employment with the company”
First Solar also noted that certain compensation and benefits will be awarded per his employment contract. It was also noted that Sohn entered into a non-competition and non-solicitation agreement and a confidentiality and intellectual property agreement upon his employment. First Solar noted these pacts “shall continue to apply in accordance with their terms.”
Sohn was assumed to be the replacement for Michael Ahearn when he decided to drop the CEO role and just maintain the Chairman role. That was not to be. First Solar hired Rob Gilette out of Honeywell.
Where this gets interesting is that if you just read headlines on Yahoo! Finance or other sources, the headlines would indicate that Sohn, who came to First Solar from Intel, could leave to be president of another solar company. How that fuses with a non-compete and similar clauses is up to lawyers.
First Solar is one of those great companies which have led a sector but that is also slowing compared to past growth. Solar is maturing and there has to be a limit on how low each kilowatt can be produced at when you consider that many input and materials costs are rising. We have heard of other executive departures, insider sales, and even short selling all weighing on First Solar shares.
First Solar is down about 4.9% at $137.70 this morning and that gets it closer to where shares were trading before the alternative energy run-up from Japan’s nuclear situation took hold. The 52-week trading range is $100.19 to $175.45.
JON C. OGG
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