logo
Share SHARE
FONT-SIZE Plus   Neg

MEMC Electronic Denies Market Rumors, Says Ahmad Chatila Remains CEO

Denying market rumors, silicon wafers maker MEMC Electronics Materials Inc. (WFR) said Monday that Ahmad Chatila remained the company's chief executive officer.

John Marren, Chairman of the MEMC Board of Directors, said, "We have been made aware of rumors relating to the company which may be causing concern and we wish to make it absolutely clear that Ahmad Chatila remains our CEO."

Marren said that the restructuring led by Chatila and the company's management announced in December 2011 was not the end of their work.

"Our markets remain challenging and so our efforts to improve performance and drive shareholder value continue unabated. We are committed to working with Ahmad and management to drive results," Marren added.

In mid-February, MEMC reported net loss for the fourth quarter of $1.48 billion or $6.44 per share, compared to net income of $12.6 million or $0.05 per share in the year-ago period.

The results reflected lower wafer volume and pricing, in addition to restructuring charges. Revenue for the quarter declined 16 percent to $717.8 million from $850.1 million in the prior-year quarter.

MEMC announced a slew of restructuring actions in December, including elimination of 1,300 jobs or about 20 percent of its workforce, in an effort to cut costs and position the company for profitable long-term growth.

In Monday's regular session, WFR is trading at $3.38, down $0.11 or 3.15 percent on a volume of 2.55 million shares.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
The Federal Communications Commission or FCC will not take any action against CBS Corp.'s "Late Show with Stephen Colbert" despite receiving thousands of complaints about the talk show comedian's controversial joke about President Donald Trump. The U.S. government filed a civil lawsuit on Tuesday against Fiat Chrysler Automobiles, accusing the automaker of installing software in more than 100,000 diesel vehicles to cheat emission controls. The lawsuit alleges that Fiat Chrysler equipped nearly 104,000 light duty diesel vehicles containing 3.0 liter EcoDiesel engines with software functions that were not disclosed to regulators. A college degree is a necessity for a rewarding, well-paying job with possibility for career advancement and also for entry into most professional careers. On average, college graduates earn much more than high school graduates throughout their lifetime. In addition to the earnings potential, students...
comments powered by Disqus
Follow RTT