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Print Edition StoriesWednesday, May 27, 2009
GT Solar CFO Woodbury resigns
By Mass High Tech staff
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Merrimack, N.H.-based solar equipment maker GT Solar International Inc. has announced the resignation of chief financial officer Robert Woodbury, effective immediately. Woodbury, who joined GT Solar in January of 2008, is leaving for personal reasons, according to company officials.
Woodbury, former CFO of Brooks Automation Inc., was hired at a time when GT Solar anticipated expansion and growth. In February 2008, the company had doubled in two years the number of employees to 250 at the time. By December, GT Solar had announced the elimination of 25 positions in its solar furnace operations, due to “the slower economy and several customer requests in this environment to delay shipments of DSS furnaces under existing contracts,” according to an earlier GT Solar statement.
The CFO duties will be filled temporarily by Richard Johnson, vice president, finance and controller.
GT Solar (Nasdaq: SOLR) develops the technology and manufacturing equipment associated with the production of photovoltaic wafers, cells and modules, and polysilicon.
The company went public in July of 2008 in a $500 million initial public offering. The company had initially filed papers with the SEC in April 2007 for an IPO valued at $200 million.
Founded with $1,000 in stake money as GT Equipment by Kedar Gupta and Jonathan Talbott in 1994, GT Solar has been funded by sales from the start. It reported an annual net profit of $88 million on $541 million in total revenue for fiscal year 2009.
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