North Coast Solar Stocks

November 2, 2009

GT Solar Announces CEO Transition as Tom Gutierrez Succeeds Tom Zarrella; Releases Preliminary Results for Second Quarter Fiscal Year 2010

Filed under: SOLR — Tags: , , , , — Jason @ 9:00 am

9:00 am EST, Monday November 2, 2009

MERRIMACK, N.H.–(BUSINESS WIRE)–GT Solar International, Inc. (SOLR), a global provider of specialized production equipment, process technology and turnkey manufacturing services for the solar power industry, today announced a chief executive officer transition: Tom Gutierrez has been elected president, chief executive officer and a member of the board of directors, succeeding Tom Zarrella, who served as GT Solar President, CEO and a director since 2007 and in a senior management role since 2004. The changes were effective on October 28, 2009.

The company provided preliminary results for its second quarter of fiscal 2010 ended September 26, 2009. It expects revenue in the range of $100 million to $105 million, net income in the range of $9 million to $10 million and earnings per fully diluted share of $0.06 to $0.07. The company reaffirmed its revenue and earnings per fully diluted share guidance for the fiscal year ending April 3, 2010 in the ranges of $450 million to $550 million and $0.45 to $0.60, respectively. The company expects to report second quarter fiscal year 2010 results during the week of November 9, 2009.

“We greatly appreciate Tom Zarrella’s contributions and accomplishments over the last several years in leading GT Solar to a position of technological leadership and financial strength in the solar equipment industry and we wish him well,” said J. Bradford Forth, chairman of the board of GT Solar. “GT Solar is fortunate to have attracted Tom Gutierrez to lead the company in its next stages of growth and success. He has a strong technology background and proven track record of leadership in senior executive roles in large successful enterprises, developing and selling technologically sophisticated products worldwide. We are delighted to have Tom Gutierrez on board.”

“I am pleased to have been part of GT Solar’s development as the leading provider of photovoltaic solar equipment and I am confident that the management team and the company are well positioned to continue GT Solar’s technology and industry leadership,” said Tom Zarrella.

Mr. Gutierrez brings considerable experience to this position having served as chief executive officer at private and public companies ranging in size up to approximately $3 billion in sales. He was chief executive of Invensys Power Systems, a multinational business and world leader in power control and energy storage products, systems and services for industrial applications from 1998 to 2001. Under Mr. Gutierrez’s leadership, Invensys Power Systems doubled its operating income and grew its revenue from approximately $1.7 billion to nearly $3 billion via acquisition and strategic expansion. More recently, Mr. Gutierrez served as chief executive officer from 2001 to 2008 at Xerium Technologies, a multinational public company that develops, manufactures and markets technically advanced synthetic textiles. He has a strong international background having launched and led organizations in Asia, Europe, and throughout the U.S. Mr. Gutierrez has also held executive positions with Pulse Engineering (1992-1994), Pitney Bowes, Inc. (1985-1992) and Motorola, Inc. (1981-1984). He currently serves on the boards of directors of Verso Paper Corp. (NYSE) and Comverge Inc. (NASDAQ) He received his BS degree in Electrical Engineering from the Florida Institute of Technology.

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