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Published: Saturday, 12/31/2011

First Solar, leader agree on salary of $500,000


TEMPE, Ariz. — Michael Ahearn, who took over as interim chief executive officer of First Solar Inc. after the ouster of Rob Gillette, has agreed to a $500,000 annual salary with no stock awards or options and no severance payment, the company said in a filing with the U.S. Securities and Exchange Commission this week.

Mr. Ahearn, 54, will get a base salary 41 percent lower than Mr. Gillette’s and may be eligible for an annual bonus to be determined by the board, the Toledo-born company said. It has its only U.S. production facility in Perrysburg Township.

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