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Date Announced: 23 Sep 2010
CFO promoted to lead role following departure of existing Evergreen CEO Rick Feldt.
MARLBORO, Mass.--(BUSINESS WIRE)--Evergreen Solar, Inc. (NasdaqGM: ESLR), a manufacturer of String Ribbon® solar power products with its proprietary, low-cost silicon wafer technology, today announced that it has appointed Michael El-Hillow to the position of President and Chief Executive Officer effective immediately, replacing Richard M. Feldt who has accepted the position of Chief Executive Officer with a privately-held company. Mr. El-Hillow was also re-elected a director of the Company at a September 22, 2010 meeting of the Board.
Mr. El-Hillow previously served as Chairman of the Board for Evergreen from October 2005 to January 2007 when he was recruited to the Company as the Chief Financial Officer. In September 2009, he also assumed the responsibilities of Chief Operations Officer. Mr. El-Hillow will continue to oversee operations in his new role. The Company will immediately begin a search for a Chief Financial Officer. Paul Kawa, Corporate Controller, will serve as interim Chief Financial Officer.
Edward C. Grady will succeed Mr. Feldt as the Chairman of the Evergreen Solar Board of Directors. Mr. Grady has been a director since 2005 and has most recently served the Board as its lead independent director. In commenting on Mr. El-Hillow’s appointment he stated, “In his roles as both corporate executive and board member Mike has played an instrumental role in both our evolution and growth. His leadership has been a catalyst in Evergreen’s expansion from a small regional technology company into a global manufacturing and customer service organization with facilities and offices in the United States, Europe and Asia. In addition to his financial role, Mike assumed significant operational responsibilities over the last year. His direct leadership is driving our Devens facility to exceed all of its operating goals as well as enabling Evergreen to move decisively with its expansion in China.”
Mr. Grady added, “Mike’s intimate involvement in all facets of Evergreen’s strategy and operations position him as the ideal executive for elevating the Company’s operational and commercialization success. The Board is extremely pleased to have someone of Mike’s caliber and demonstrated talent leading this Company.”
“It has been a pleasure working with Rick as he guided Evergreen Solar over the last seven years and he will be missed,” said Mr. El-Hillow. “He has left a great platform that our stakeholders, customers and employees will continue to benefit from as we further leverage our unique technology and extend our leadership position as solar power becomes an increasingly critical resource for growing economies worldwide.”
Source: Evergreen Solar
E-mail: clawson@evergreensolar.com
Web Site: www.evergreensolar.com
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