Embattled MEMC denies chief executive is on his way out

MEMC owns global PV developer SunEdison

US solar group MEMC has quashed rumours that its chief executive Ahmad Chatila may be leaving, as the loss-making company trudges on with its sweeping restructuring programme and its stock trades at near-record lows.

MEMC chairman John Marren issued a statement relating to unspecified rumours “which may be causing concern”, adding: “We wish to make it absolutely clear that Ahmad Chatila remains our CEO.”

“The [board] has been actively engaged in the ongoing review of the company’s performance and has taken appropriate action when necessary or desirable,” Marren says. “We are committed to working with Ahmad and management to drive results.”

Shares in the Missouri-based company slid to $3.48 yesterday, not far off the all-time low of $3.34 it plumbed earlier this month.

MEMC shares went…

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