First Solar names Gillette as new CEO amid economic downturn

Despite First Solar’s enviable position in the solar power industry of possessing the lowest cost solar panels, it’s looking for new leadership to turn the company around. That’s especially important to investors who are looking at a 13% loss in shares this year.

Rob Gillette will be filling the role and he is transitioning from 4 and a half years as CEO at Honeywell Aerospace. Given Gillette’s experience with an international client-base he should be well positioned to market First Solar’s products on a global scale. He’ll begin his new role on October 1st, replacing 9 year veteran Michael Ahearn.

Solar power is a key part of renewable energy any way you look at it and Gillette seems to express an understanding of that when he says “this is a unique opportunity to join a leader in what promises to be one of the most important industries of the 21^st century,” according to a company press release.

First Solar is focused on addressing a big problem in the solar power industry: price. Right now it’s more expensive to install photovoltaic cells than it is to continue using the existing electric infrastructure. By driving down costs First Solar hopes to demonstrate that solar power can be as economically viable as fossil fuel.

One of its business customers, SolarCity, is purchasing First Solar products for 60% of its installations, according to Wikipedia. If the company can continue to attract more customers like SolarCity it may just have a chance of competing with Chinese companies like Suntech who are benefiting from generous government support.

The American solar power industry has a tough road ahead with China’s government aggressively pursuing the manufacture of related components. Suntech isn’t waiting around either, it’s actively seeking places to build manufacturing plants in the United States to make disarm any movements designed to protect American businesses.