Canadian Solar names CFO; increases board size
Canadian Solar Inc. said in a news release that it appointed one of its independent directors, Michael Potter, to the position of senior vice president and CFO, effective July 20, 2011.
Potter will continue as a director of the company. Andrew Chen, currently CFO, is leaving the company to pursue a new challenge but will continue as special advisor to the CEO’s office until September 30, 2011, the company said in a statement.
Further, the company has increased the size of its board of directors from four to five directors and named Harry Ruda as an independent director, effective July 20, 2011.
In addition, Canadian Solar reiterated its financial outlook based on its current views with respect to operating and market conditions and its current order book and customers’ forecasts, all of which are subject to change.
“The risks to our outlook also include changes in foreign exchange rates, products and materials pricing and the project financing environment,” the company said in the release.
For second quarter of 2011, the company now expects shipments to be about 295 MW, which would be above the high-end of its prior guidance for shipments to be about 245 MW to 255 MW.
As a result, Canadian Solar now expects its gross margin will be at the lower end of its prior guidance range of 13% to 15%, as a higher level of outside cell purchases was required to meet customers’ increased demand requirements in the quarter, the company said.
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