News that doesn't receive the necessary attention.

Thursday, April 19, 2012

First Solar chief got $32 million--frontloaded

4/12/12, "Fired First Solar chief Rob Gillette got $32 mil," Arizona Star, Ryan Randazzo

"Rob Gillette, the ousted CEO of First Solar Inc., earned more than $32 million in compensation from the struggling company for his two years of service, according to a regulatory filing Wednesday.

Gillette came to First Solar from Phoenix-based Honeywell Aerospace in October 2009 and was fired by the Tempe-based solar company's board of directors in October 2011.

First Solar's share price was greater than $143 the day Gillette's employment contract began with the company, and it was $100 less when he was fired two years later."

(continuing): "Most of his compensation came in the three months of 2009 that he worked, when his total compensation, including salary, bonus, stock and options awards and other perks, reached $16.55 million. In 2010 his total compensation was $13.3 million, and last year he earned $2.46 million, which consisted of $763,000 in base salary and a $1.7 million severance."...


4/19/12, "Taxpayers Reward Executives for Failure as Green Jobs are Slashed," National Legal and Policy Center, Paul Chesser

"First Solar, the beneficiary of at least $3 billion in Department of Energy loan guarantees, paid its former CEO $32 million over two years as he stewarded its stock price from $143 to below $100. Today it sells for less than $21-per-share, hitting a 52-week low last week, and yesterday the company announced it would slash global payroll by 2,000 workers in Malaysia, Europe and the U.S....

The still-paid officials of these companies – who with top politicians such as President Obama and Vice President Biden enjoyed media coverage and free attention to their unviable schemes – inflated the hopes of many in places like Michigan, Ohio and Colorado that they would enjoy long employment in the forthcoming “green” sector. Now their bubble is bursting, they are out of work, and now the clean-tech executives will move on to the next prospective crony capitalist plot. Reuters highlighted this week just what a flop the green economy is. It’s despicable."

via Tom Nelson

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