logo
Plus   Neg
Share
Email
Comment

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
BlackRock Inc., the world's largest asset manager, said it plans to speak with gun makers and distributors following public outcry after the Florida high school shooting that killed 17 people. BlackRock, which had $6.3 trillion in assets under management as of December 31, 2017, holds shares in gun makers Sturm Ruger & Co. Inc. as well as American Outdoor Brands Corp. An upgraded boarding in Southwest Airline will cost you more. The airline usually not assign seats to passengers, but one can choose from an open seat. The Upgraded Boarding will allow passengers to choose from A1 - A15 boarding positions. The cost for these positions would be $30, $40 and $50, depending on flight and route. This option can be availed from the ticket counter or gate. Citigroup Inc.'s co-head of mergers and acquisitions, Peter Tague, is leaving the company, according to media reports, citing people familiar with the matter. Tague has been co-head of Global M&A business at Citigroup since March 2012, alongside Cary Kochman and Mark Shafir. It was not immediately clear what Tague intends to do after he leaves Citigroup.
comments powered by Disqus
Follow RTT