Given the company’s horrible showing for the first quarter, the last thing MEMC Electronic Materials Inc. (NYSE: WFR) needed was to have a management shake-up. But that’s what the solar wafer maker got last night, when the company announced that its CFO was leaving MEMC to return to his previous firm, Praxair Inc. (NYSE: PX) as President of Praxair’s Surface Technology division.
MEMC named Brian Wuebbels as its new CFO. Wuebbels has been with MEMC in various roles since 2007. His previous experience came at Honeywell International Inc. (NYSE: HON) and General Electric Co. (NYSE: GE).
Investors are treating the switch as yet another signal that MEMC is a sinking ship. Shares are off more than -18%, at $1.74 after posting a new 52-week low of $1.67 earlier. The previous range was $2.07-$10.64. After the announcement last night shares only fell by a penny. That situation changed fast this morning.