Day4 Energy Inc., a provider of solar photovoltaic products, says Dr. John MacDonald, chairman and CEO, has resigned as CEO. The board of directors has appointed George Rubin to the role of president and CEO. MacDonald will continue in his role as Day4 Energy's chairman of the board.
For the third quarter, the company reported revenues of $14.5 million, a decrease of $26.8 million – or 65% – from the same quarter in 2010 and by a decrease of $8.8 million – or 38% – from the second quarter of this year. The gross loss was 20.4%, and net loss was $9.3 million.
‘Today, the PV industry is in the midst of a deep crisis,’ MacDonald says. ‘The European sovereign debt issue, an uncertain U.S. economic recovery and severe PV module overcapacity due to a dramatic manufacturing expansion over the prior year have all contributed to a perfect storm in our industry.’
The company initiated a reduction in workforce during the fourth quarter, affecting approximately 28 people located primarily within its British Columbia offices. Once this reduction in workforce is complete, Day4 Energy and its subsidiaries will employ 108 full-time employees globally.
In addition, Day4 has signed a letter of intent to merge its operations through a plan of arrangement with Ever Energy Ltd., a Taiwan-based manufacturer of solar cells that is majority owned by Wangs Brother Motor Co. Ltd.