First Solar to Expand Board of Directors
Nominates George Hambro and Richard Chapman to Serve as Directors; Company to Seek Two Additional Independent Directors; Director José Villarreal to Retire from the Board
TEMPE, Ariz.--(BUSINESS WIRE)-- First Solar, Inc. (NASDAQ: FSLR) today announced that it nominated two new candidates for election to the Company's Board of Directors and that it has expanded the size of the Board to eleven from nine, creating two vacancies as it continues to seek additional independent directors. As detailed in its Proxy Statement, which was filed today with the Securities and Exchange Commission, First Solar nominated George "Chip" Hambro and Richard "Rick" Chapman to stand for election to the Board at the Company's Annual Meeting of Stockholders, which will be held on May 23, 2012. Chapman will serve as an independent director.
To fill the two new vacancies, First Solar has retained an executive search firm to help identify candidates with experience that will support the Company's strategy to compete as a vertically integrated provider of photovoltaic power plants in energy markets that are sustainable without subsidies.
The Company also announced that José Villarreal, a director since 2007, will retire from the Board due to personal commitments and will not seek reelection at the Annual Meeting.
"We are pleased to be adding two distinguished candidates to the First Solar Board of Directors. Chip and Rick are both knowledgeable about First Solar's strategy and operations and have diverse experience and expertise that will make them valuable additions to our board. We are also committed to further expanding our board by adding two additional independent directors to support our long-term strategic plan," said Mike Ahearn, First Solar's Chairman and Interim CEO. "On behalf of the First Solar Board of Directors, I extend my gratitude to José, who has been an engaged and dedicated Director for the past five years."
Chapman, 58, is CFO of Walton Enterprises, Inc., where he has worked since 1983. In his current capacity, Chapman oversees all aspects of the Walton Family Office in Arkansas. Chapman currently serves as a director on the boards of the Arvest Bank Group; the University of Arkansas Foundation, where he serves on the Executive and Finance Committees; and the Razorback Foundation, where he is a member of the Investment Committee. Chapman was previously a member of the Board of Managers of First Solar Holdings, LLC prior to the Company's initial public offering and JWMA (formerly True North Partners, L.L.C.), an equity investment firm. Chapman earned a B.S.B.A. in Accounting from the University of Arkansas and is a Certified Public Accountant.
Hambro, 48, previously held various positions at First Solar from June 2001 through June 2009, including serving as Chief Operating Officer from February 2005 through May 2007. Prior to joining First Solar, he held the positions of Vice President of Engineering & Business Development for Goodrich Aerospace from May 1999 to June 2001 and Vice President of Operations for ITT Industries from February 1997 to May 1999. For the last five years, Hambro has been a director of both the Toledo Zoo and Imagination Station, Toledo's children's science museum. Hambro currently serves on the board of directors of Soladigm, Inc., a developer of next-generation green building solutions. Hambro graduated from the University of California at Berkeley with a B.A. in Physical Science (Applied Physics).
About First Solar, Inc.
First Solar manufactures solar modules with an advanced semiconductor technology, and is a premier provider of comprehensive photovoltaic (PV) system solutions. The company is delivering an economically viable alternative to fossil-fuel generation today. From raw material sourcing through end-of-life collection and recycling, First Solar is focused on creating value-driven renewable energy solutions that protect and enhance the environment. For more information about First Solar, please visit www.firstsolar.com.
For First Solar Investors
This release contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this release do not constitute guarantees of future performance. Those statements involve a number of factors that could cause actual results to differ materially, including risks associated with the company's business involving the company's products, their development and distribution, economic and competitive factors and the company's key strategic relationships and other risks detailed in the company's filings with the Securities and Exchange Commission. First Solar assumes no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein.
First Solar, Inc.
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Source: First Solar, Inc.