First Solar, Inc. (the “Company”) recently announced that following the Company’s successful leadership transition, the First Solar Board of Directors and James A. Hughes have mutually agreed that Mr. Hughes will no longer serve in an advisory capacity to the Company and will step down from the Board, effective September 1, 2016. As previously announced on April 27, 2016, Mark R. Widmar was appointed Chief Executive Officer, effective July 1, 2016.
“With Mark successfully assuming the role of Chief Executive Officer and the management team continuing to execute our strategic growth plans, the Board and Jim mutually agreed that now is an opportune time for this transition,” said Michael J. Ahearn, First Solar’s Chairman of the Board. “On behalf of the entire Board, I want to thank Jim for his many contributions over the years. Jim is an experienced and talented leader with many opportunities ahead of him. We wish him well in his future endeavors.”
With this Board change, First Solar’s Board now is comprised of 11 members, nine of whom are independent directors.