MEMC CEO Gareeb steps down
St. Louis Business Journal
MEMC Electronic Materials Inc. said Thursday that Nabeel Gareeb, president and chief executive, resigned.
The board appointed board member Marshall Turner to serve as interim chief executive, effective Nov. 12, while a search is conducted for Gareeb’s permanent replacement.
Gareeb has agreed to assist in a transition through the end of 2008.
Turner has been a director of the company since April 2007.
Last month, one of Minnesota’s largest public pension funds and another investor have sued MEMC Electronic Materials Inc. alleging the company and its top executives, including Gareeb, failed to adequately warn investors about plant problems that hurt revenue in the second quarter.
“I am proud of the foundation we have established at MEMC over the course of the last seven years,” Gareeb said in a statement. “We have created a unique asset-efficient model and cost-efficient structure that has allowed MEMC to generate industry leading profitability and consistent cash flow generation over the years, in good times and bad. We have used this building block to expand MEMC’s presence into the solar market over the last three years with multiple long-term agreements. With our polysilicon expansion now past the early part of the learning curve, we have also recently enhanced this strategy by cultivating additional shorter-term wafer customers in the solar space, while continuing to support the growth of our existing long-term customers. With this foundation largely established, I believe it is the right time for a new CEO to lead the company into the next phase of growth and improvement.”
St. Peters, Mo.-based MEMC Electronic Materials Inc. (NYSE: WFR) manufactures wafers for the semiconductor industry.
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