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
Lab equipment maker Thermo Fisher Scientific Inc. has agreed to acquire electron microscope maker FEI Co. for about $4.2 billion in cash, the two companies said Friday. Thermo Fisher noted that FEI's electron microscopy platform will complement its own mass spectrometry systems to accelerate advancements in structural biology. While reporting a wider loss for the first quarter, Sears Holdings Corp. said it has decided to "aggressively evaluate" all potential alternatives for its top brands - Kenmore, Craftsman and DieHard or KCD, and the Sears Home Services or SHS businesses. Sears has retained Citigroup Global Markets and LionTree Advisors to assist in its efforts. Philips Lighting, the splinter group of Dutch consumer electronics giant Philips, saw its shares rally around 8.50 percent on its debut on Friday at the Amsterdam stock exchange. The shares are currently at 21.70 euros, above its set pricing of 20 euros per share.
comments powered by Disqus
Follow RTT