First Solar CEO to step down, shares plummet

By The Associated Press

NEW YORK (AP) — The CEO of the First Solar is stepping down, sending shares of the nation’s largest solar company tumbling 18 percent.

The company, based in Tempe, Ariz., did not provide a reason Tuesday for the departure of Rob Gillette, but thanked him for his service in a press release. First Solar didn’t return calls seeking comment.

Board Chairman and company founder Mike Ahearn will take over on an interim basis.

Shares of First Solar Inc. fell $10.41 to $47.54 in afternoon trading.

Click video to hear audio