First Solar global marketing head leaves company

Wed Aug 26, 2009 4:58pm EDT

* Executive Vice President John Carrington leaves company

* In SEC filing, company says departure mutually agreed on

LOS ANGELES Aug 26 (Reuters) - U.S. solar company First Solar Inc (FSLR.O) said on Wednesday that John Carrington, executive vice president of global marketing and business development, has left the company.

First Solar, a bellwether of the solar power industry, said in a U.S. Securities and Exchange Commission filing that Carrington and the company had "mutually agreed" on the departure, which was effective on Aug. 24.

The filing did not reveal the terms of Carrington's compensation.

Carrington joined First Solar in 2008 to direct the company's global sales and marketing, including its expansion in Europe. He previously worked at General Electric Co (GE.N).

First Solar is the one of the world's largest producers of photovoltaic cells, which turn sunlight into electricity. Its production costs are the lowest in the industry, although its thin-film cadmium telluride cells are not as efficient in capturing the sun's rays as the traditional silicon-based cells that dominate the market.

The Tempe, Arizona-based company has weathered the global recession better than many of its peers, but in July it announced a rebate program to defend its market position in Germany that has hurt its share price.

Shares of First Solar closed down 1.12 percent at $126.75 on Wednesday on Nasdaq.

(Reporting by Laura Isensee; Editing by Richard Chang)

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