GT Solar appoints Gaynor as CFO

By Mass High Tech staff

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Former Sonus Networks Inc. CFO Richard Gaynor has joined Merrimack, N.H.-based GT Solar International Inc. as CFO. Gaynor fills an opening the company has had since May 2009 when Robert Woodbury resigned from the post.

Gaynor’s experience as CFO of VoIP nfrastructure provider Sonus Networks came after an earlier position as CFO of Sycamore Networks, an optical networking hardware and software developer.

Gaynor earned an MBA from Trinity College in Dublin and graduated with a bachelor’s degree from the National University of Ireland.

Woodbury resigned from GT Solar for personal reasons, according to company officials at the time. The company said Woodbury was hired at a time when GT Solar had anticipated expansion and growth; the company had doubled its employees to 250 by February 2008, but had announced the elimination of 25 positions by December 2008.

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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