Day4 Energy Inc. (TSX: DFE), solar PV products provider, CEO Dr. John MacDonald has stepped down. MacDonald has been the company’s CEO since its inception. The board of directors appointed George Rubin to take over as president and CEO.
This article originally stated that Day4 Energy asked CEO Dr. John MacDonald to step down. Dr. MacDonald has asked to step down from the CEO position. We regret the error.
November 16, 2011 — Day4 Energy Inc. (TSX: DFE), solar photovoltaic (PV) products provider, CEO Dr. John MacDonald has stepped down. MacDonald has been the company’s CEO since its inception. The board of directors appointed George Rubin to take over as president and CEO.
Dr. MacDonald will continue in his role as Day4 Energy?s Chairman of the Board.
“We believe the key to success during these challenging times is being able to capitalize on the growth in emerging markets while combining the strength of our technology, brand and distribution with the lower cost structure and capital resources of our manufacturing partners,” said Rubin, who noted the privilege of working with outgoing CEO Dr. MacDonald in growing the company from its start-up days.
The company further announced a signing of a Letter of Intent (LOI) to merge its operations through a plan of arrangement with Ever Energy Ltd., – a Taiwan based manufacturer of premium solar cells that is majority owned by Wangs Brother Motor Company Ltd. The company is engaging GMP Securities to provide a fairness opinion in respect of the transaction. The transaction is further subject to negotiation of a definitive agreement, due diligence, Board of Directors, shareholder, court and regulatory approvals and the continued listing of the merged company is subject to TSX approval. There can be no assurance that the Transaction will be completed as proposed or at all.
Day4 Energy initiated a reduction in workforce during the fourth quarter affecting approximately 28 people located primarily within its B.C. based offices. Once this reduction in workforce is complete, Day4 Energy and its subsidiaries will employ 108 full time employees globally.
Day4 Energy?s strategy is based on four fundamental pillars:
1. Roll out licensed PV module manufacturing capacities with a focus on new technology partnerships and niche markets with captive local demand;
2. Realign operating costs to reflect current market realities and allot company resources to high-yield business activities;
3. Secure additional near-term operating liquidity;
4. Establish a strategic alignment with a vertically integrated manufacturing partner, accelerating the
development and roll out of next-generation PV cell technologies.
See Day4 Energy’s Q3 results, and more information, at http://www.day4energy.com/