8-KLeadership ChangesExhibits & Filings

FIRST SOLAR, INC. 8-K Report, Executive Changes (Dec 13, 2010)

Filed December 13, 2010For Securities:FSLR

Summary

This 8-K filing by First Solar, Inc. (FSLR) dated December 13, 2010, announces significant changes in its executive leadership team. Effective January 1, 2011, James Zhu, currently the Chief Accounting Officer, will assume the role of interim Chief Financial Officer, succeeding Jens Meyerhoff. Mr. Zhu's promotion to Senior Vice President, Chief Accounting Officer, effective December 7, 2010, highlights his growing responsibilities within the company. Mr. Meyerhoff will continue as CFO until December 31, 2010, while transitioning to lead the Company's Utility Systems Business. Further personnel updates include Michael J. Ahearn's resignation from his officer position as Executive Chairman, effective January 1, 2011. He will remain as Chairman of the Board of Directors and will receive compensation for his continued board service and chairmanship. These changes signal a transition in financial leadership and strategic focus for First Solar.

Key Highlights

  • 1James Zhu appointed interim Chief Financial Officer, effective January 1, 2011.
  • 2Jens Meyerhoff transitions from CFO to President of Utility Systems Business, remaining CFO until December 31, 2010.
  • 3James Zhu also promoted to Senior Vice President, Chief Accounting Officer, effective December 7, 2010.
  • 4Michael J. Ahearn to resign as Executive Chairman officer role but will continue as Chairman of the Board.
  • 5Jens Meyerhoff's employment agreement amended to extend severance to 24 months and increase base salary to $500,000 and target bonus to 90%.
  • 6Michael J. Ahearn to receive $175,000 annually for non-employee director role and an additional $175,000 for Chairman of the Board duties, with a split of cash and equity.

Frequently Asked Questions

James Zhu, currently the Chief Accounting Officer, has been appointed as the interim Chief Financial Officer, effective January 1, 2011. Jens Meyerhoff will remain CFO until December 31, 2010.

Mr. Meyerhoff will transition from his CFO role to focus on his position as President of the Company's Utility Systems Business. He will continue to serve as CFO until December 31, 2010.

Effective January 1, 2011, Michael J. Ahearn will resign from his officer position as Executive Chairman. He will continue to serve as a non-employee director and as the Company's Chairman of the Board of Directors.

Yes, Mr. Meyerhoff's employment agreement was amended to increase his severance period from 18 to 24 months. His base salary was increased to $500,000, and his target annual bonus percentage was raised to 90%.