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MEMC denies CEO's departure

MEMC Electronic Materials, Inc. has today issued a statement denying that its CEO is stepping down.

In response to rumors that Ahmad Chatila would be abandoning his post at MEMC, John Marren, chairman of the board of directors said, "We wish to make it absolutely clear that Ahmad Chatila remains our CEO." He added, "The MEMC Board has been actively engaged in the ongoing review of the company's performance and has taken appropriate action when necessary or desirable."

At the end of 2011, MEMC announced significant workforce reductions, manufacturing cutbacks and operational changes. This included the loss of 1,300 jobs, the idling of its 6,000 metric ton Merano polysilicon facility in Italy, a reduction in the production capacity at its Portland, Oregan crystal facility, and a limitation of the ramp up of its wafering facility. Furthermore, SunEdison was merged with the company’s solar materials business on January 1.

"The restructuring led by Ahmad and management announced in December 2011 is reflective of this engagement, but the announced restructuring was not the end of our work. Our markets remain challenging and so our efforts to improve performance and drive shareholder value continue unabated. We are committed to working with Ahmad and management to drive results," continued Marren.