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Green Energy Profit Crash Deters New CEOs
First Solar Inc. (FSLR), the biggest U.S. solar company, ousted its chief executive officer in October and is still seeking a replacement. At Vestas Wind Systems A/S (VWS), the largest turbine maker, the chairman and finance director are leaving after the company cut sales forecasts twice in three months, and CEO Ditlev Engel said his own job is safe.
“It’s becoming significantly more difficult to attract people into this market,” said Shelly Fust, who leads clean technology recruiting in Los Angeles at Korn/Ferry International, the world’s largest executive search firm. “In my 15 years, this is probably the most difficult time to recruit.”
The renewable-energy industry, which just four years ago drew managers from Silicon Valley to join the fight against global warming, is suffering increased competition from Chinese companies that gutted margins. The bankruptcy of Solyndra LLC, which left the U.S. government responsible for $527 million in debt, and concern that President Barack Obama’s administration won’t be able to extend support for the industry, is driving executives back to chipmakers, Fust said.
The interest from outside executives in the clean energy industry peaked in 2008 when natural gas approached $14 per million British thermal units, said Steven Goodman, North America energy leader at executive recruiting company Egon Zehnder International. That sparked interest in alternative fuel sources.
http://www.bloomberg.com/news/2012-02-13/first-solar-to-vestas-wind-profit-crash-deters-new-ceos-energy.html
“It’s becoming significantly more difficult to attract people into this market,” said Shelly Fust, who leads clean technology recruiting in Los Angeles at Korn/Ferry International, the world’s largest executive search firm. “In my 15 years, this is probably the most difficult time to recruit.”
The renewable-energy industry, which just four years ago drew managers from Silicon Valley to join the fight against global warming, is suffering increased competition from Chinese companies that gutted margins. The bankruptcy of Solyndra LLC, which left the U.S. government responsible for $527 million in debt, and concern that President Barack Obama’s administration won’t be able to extend support for the industry, is driving executives back to chipmakers, Fust said.
The interest from outside executives in the clean energy industry peaked in 2008 when natural gas approached $14 per million British thermal units, said Steven Goodman, North America energy leader at executive recruiting company Egon Zehnder International. That sparked interest in alternative fuel sources.
http://www.bloomberg.com/news/2012-02-13/first-solar-to-vestas-wind-profit-crash-deters-new-ceos-energy.html
