First Solar appoints new CEO, records $449.4m Q1 loss

First Solar appointed a new chief executive as it announced a $444m hit to its bottom line in the first quarter thanks to restructuring and above-normal warranty expenses, pushing the global thin-film leader to $449.4m loss.

The Arizona company said its new chief commercial officer, James Hughes, would assume the chief executive position, taking over from co-founder and board chairman Mike Ahearn, who stepped in last autumn after Rob Gillette's abrupt departure.

Hughes, who joined First Solar in March, has 20 years of energy-industry experience. He was chief executive of international energy generation and distribution company AEI prior to joining First Solar.

Hughes assumes the tiller at a difficult moment for First Solar. The company's first-quarter sales were $497.1m, down 14% from a year earlier on lower prices and…

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