Nabeel Gareeb, President and Chief Executive Officer of MEMC resigned his executive position and seat on the Board of the major polysilicon supplier to the semiconductor and photovoltaics industries. Gareeb will assist in a transition through the end of 2008, while Board member Marshall Turner will serve as interim CEO, effective November 12, 2008. The search for a permanent replacement for Gareeb will be conducted during this period.
“I am proud of the foundation we have established at MEMC over the course of the last seven years,” commented Gareeb. “We have created a unique asset-efficient model and cost-efficient structure that has allowed MEMC to generate industry leading profitability and consistent cash flow generation over the years, in good times and bad. We have used this building block to expand MEMC’s presence into the solar market over the last three years with multiple long-term agreements. With our polysilicon expansion now past the early part of the learning curve, we have also recently enhanced this strategy by cultivating additional shorter-term wafer customers in the solar space, while continuing to support the growth of our existing long-term customers. I believe the strength of the combination of asset efficiency, market positioning and strong cash generation should provide a springboard for the company to achieve even greater success in the future.”
Gareeb is credited for the major turnaround in the fortunes of MEMC, which was losing money heavily as overcapacity and declining prices for polysilicon wafers used in the semiconductor industry worsened due to a major downturn in 2001. Prior to joining MEMC, Gareeb worked for ten years at International Rectifier Corporation, where he was most recently Chief Operating Officer. He holds a Master of Science degree in engineering management and a Bachelor of Science degree in electrical/electronics engineering.
Marshall Turner has been a director of MEMC since April 2007. Prior to this appointment he was Chief Executive Officer of Toppan Photomasks, formerly known as Dupont Photomasks.