Major reshuffles at DayStar Technologies following the company’s excessive first-quarter losses have seen company CEO Stephan DeLuca (pictured) tender his resignation from the CEO role. Stepping in to take the reins is Robert G. Aldrich, company Chairman, who retains his current role as well as the CEO role.
The company also plans to implement a 30% workforce reduction, which will see the job cuts take place in the second quarter of this year. The news follows PV-Tech’s recent report that the company was nearing bankruptcy.
“We continue to face a challenging operating environment that requires us to make difficult decisions,” said Dr. Aldrich. “We believe the workforce reduction announced today, coupled with our ongoing focus on expense control, will help us accomplish our objectives and conserve cash.”