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
Jeff Bezos, the CEO of Amazon, has overtaken Berkshire Hathaway's founder Warren Buffet to become the third-richest person in the world, according to the Bloomberg Billionaires Index. Bezos is now behind clothing retailer Zara's founder Amancio Ortega, who is now second, and Bill Gates, co-founder... The White House has announced new initiative to fight climate change, curb usage of fossil fuels and increase access to clean energy by pushing the use of electric vehicles. The Obama administration announced a series of actions from the Federal government, private sector, and states, as well as... Telecom giant Verizon Communications Inc. is reportedly very close to a deal to buy the core business of struggling internet company Yahoo Inc. Verizon has trumped out rival bidders and is close to acquire Yahoo's core internet business, reported Bloomberg News, citing people familiar with the matter. Verizon...
comments powered by Disqus
Follow RTT