Auburn Hills, Mich.-based Energy Conversion Devices Inc. (ECD), a provider of flexible thin-film solar laminate products and systems to the building-integrated and commercial rooftop markets, plans to implement a corporate restructuring that will include a workforce reduction of approximately 300 employees – or 20% of the company's current associates worldwide.
In addition, the board of directors appointed Jay Knoll as interim president, replacing former president and CEO Mark Morelli, who has resigned. Knoll formerly served as executive vice president, general counsel and chief administrative officer.
The company reported that consolidated revenue for the third fiscal quarter was $21.5 million, a decrease of 70% over the third fiscal quarter of 2010 and a decrease of 69% over the previous quarter, due primarily to significant industry-wide disruptions in the company's key European solar markets. ECD reported a net loss of $243.2 million, or $4.88 per share.