FIRST SOLAR : Et en plus le PDG vend ses titres

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25 févr. 2010 •18:10

First Solar (FSLR) Executive Chairman and former CEO Michael Ahearn over the last three days has sold 1.3 million of the company’s shares in the open market for gross proceeds of $141.8 million, according to a new filing with the SEC. The sales reduce his stake in the company to a little over 1.7 million shares.

The shares were sold at prices ranging from $104 to $114.81, on Monday, Tuesday and Wednesday. The shares sold represent about 1.5% of the company’s total shares outstanding.

Ahearn gave up the CEO job at First Solar last fall, in favor of former Honeywell exec Robert Gillette; the company had announced in April 2009 that it had begun searching for a replacement for Ahearn, who planned to focus on lobby for changes in government energy policy.

The massive sales come at a turbulent time for the solar industry, with shares under pressure amid expectations of sharp subsidy reductions in Germany, a market which in 2009 accounted for 65% of First Solar’s net sales, according to the company’s most recent 10-K, which was filed last week.

FSLR shares are down 22.4% for the year to date; on Wednesday the stock fell 65 cents, to $105.13, the lowest closing level in nearly a year.