NEW YORK — Evergreen Solar Inc., a maker of thin polysilicon wafers whose shares have dropped 60 percent this year, has replaced chief executive Richard Feldt with Michael El-Hillow, the finance chief, effective immediately.
El-Hillow became the Marlborough, Mass.-based solar manufacturer’s chairman five years ago. He resigned from that position to become chief financial officer in January 2007, Evergreen said yesterday.
Feldt, who had led Evergreen since 2003, left to run a closely held company that was not identified.
Evergreen’s stock was unchanged at 61 cents. The shares reached a record high of $18.84 in December 2007, during the only quarter that Evergreen reported net income. They initially sold for $14 each in November 2000.