North Coast Solar Stocks

September 24, 2009

Evergreen Solar sales chief leaving to run solar start-up

Filed under: ESLR — Tags: , , , , , — Jason @ 8:56 am

Thu Sep 24, 2009 8:56am EDT

*Head of sales leaving to run solar company

*CEO to assume marketing, sales responsibilities

*CFO will oversee global operations

NEW YORK, Sept 24 (Reuters) – U.S. solar panel maker Evergreen Solar Inc (ESLR) said on Thursday its head of sales is leaving to run another solar company.

J. Terry Bailey, Evergreen’s senior vice president of marketing and sales, will leave at the end of the month to become chief executive at a venture-backed solar company in California, the company said in a statement.

Richard M. Feldt, Evergreen’s CEO, will assume marketing and sales responsibilities on an interim basis.

Michael El-Hillow, the chief financial officer, will assume responsibility for global operations and administration, the company said.

Bailey’s departure is the latest in a string of bad news for Marlboro, Massachusetts-based Evergreen.

The company, which makes silicon wafers used in solar panels, posted a slightly bigger-than-expected second-quarter loss in July as well as a loss in the first quarter.

Additionally, the company is embroiled in litigation with bankrupt Lehman Brothers (LEHMQ.PK), claiming that British bank Barclays PLC inappropriately acquired shares of the company as part of its purchase of Lehman’s brokerage business, and that the lack of clarity about the status of its shares could hurt its ability to raise capital.

Shares of Evergreen closed Wednesday at $1.98. The stock has traded between $1 and $6.58 in the past 52 weeks.

(Reporting by Ernest Scheyder, editing by Dave Zimmerman)

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