TEMPE, AZ – First Solar, Inc. (NASDAQ:FSLR), a $20.3 billion market cap solar technology company with strong financial health according to InvestingPro analysis, has announced the appointment of Nathan Theurer as its new Vice President, Global Controller and Chief Accounting Officer, effective Monday. The company, which has achieved impressive revenue growth of 22% over the last twelve months, disclosed this executive change in a recent 8-K filing with the Securities and Exchange Commission.
Theurer, 44, will be taking over the role from Byron Jeffers, who has been appointed as Vice President, Treasurer, and Head of Investor Relations at First Solar. Theurer's tenure with the company began in August 2014, and he has since ascended through various senior accounting positions, most recently serving as Corporate Controller since November 2019.
Before his time at First Solar, Theurer accumulated experience as a Senior Manager of External Reporting and Technical Accounting at Amkor Technology (NASDAQ:AMKR), Inc., and spent six years as a Manager at Ernst & Young LLP. He holds both master’s and bachelor’s degrees in accounting from Brigham Young University and is a Certified Public Accountant in Arizona.
As part of his compensation package, Theurer will receive an annual base salary of $280,000, with the possibility of periodic increases at the company's discretion. He is also eligible for an annual bonus with a target of 40% of his base salary and will participate in time- and performance-based equity compensation programs. Additionally, Theurer will have access to standard employee benefit programs and other benefits that may be granted at the company's sole discretion.
The company's SEC filing confirms that there are no familial relationships between Theurer and any directors or executive officers at First Solar, nor is he involved in any transactions that would require disclosure under SEC regulations.
This executive shuffle comes as First Solar continues to solidify its leadership team and maintain its position in the semiconductor and related devices industry. With an earnings per share of $11.67 and a strong financial health rating from InvestingPro, the company appears well-positioned for future growth. According to InvestingPro's Fair Value analysis, First Solar's stock is currently trading below its intrinsic value, suggesting potential upside opportunity.
The company's business address is 350 West Washington Street, Suite 600, Tempe, Arizona, 85288, with its telephone number listed as (602) 414-9300.For a comprehensive analysis of First Solar's financial health, valuation metrics, and growth prospects, investors can access the detailed Pro Research Report available exclusively on InvestingPro, which covers over 1,400 US stocks with deep-dive analysis and actionable insights.
This recent development is based on the company's statement in the SEC filing and provides insight into First Solar's ongoing management structure.
In other recent news, First Solar has seen several significant adjustments in its stock price target. Baird has revised its price target down to $267 from $307 due to potential legislative changes affecting the renewable energy sector, while Jefferies has reduced its target to $248 from $257 amid general underperformance in the sector. Truist Securities, however, has maintained a steady target of $300 following First Solar's Tax Credits Sale agreement with Visa Inc (NYSE:V)., which could increase total proceeds up to $831 million if additional credits are sold.
First Solar's ability to navigate legislative changes and maintain a strong market position has been highlighted by both Baird and Jefferies. The company's recent deal with Visa Inc. is seen as a positive indicator for the renewable energy sector, reflecting confidence despite potential political shifts.
Roth/MKM and RBC (TSX:RY) Capital have maintained their Buy and Outperform ratings on First Solar, respectively, with price targets of $280 and $315. Piper Sandler also raised the price target on First Solar to $250, maintaining an Overweight rating. These are among the recent developments for First Solar in the renewable energy sector.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.