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MEMC Electronic Denies Market Rumors, Says Ahmad Chatila Remains CEO

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4/23/2012 11:13 AM ET

Denying market rumors, silicon wafers maker MEMC Electronics Materials Inc. (WFR: Quote) 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.

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by RTT Staff Writer

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