February 12, 2012, 7:57 PM EST
By Christopher Martin and Jeff Green
Feb. 13 (Bloomberg) — Renewable energy companies are losing their allure with top executives after profits and stock prices collapsed across the industry, making it more difficult for boards to replace underperforming managers.
First Solar Inc., the biggest U.S. solar company, ousted its chief executive officer in October and is still seeking a replacement. At Vestas Wind Systems A/S, the largest turbine maker, the chairman and finance director are leaving after the company cut sales forecasts twice in three months, and CEO Ditlev Engel said his own job is safe.
“It’s becoming significantly more difficult to attract people into this market,” said Shelly Fust, who leads clean technology recruiting in Los Angeles at Korn/Ferry International, the world’s largest executive search firm. “In my 15 years, this is probably the most difficult time to recruit.”
The renewable-energy industry, which just four years ago drew managers from Silicon Valley to join the fight against global warming, is suffering increased competition from Chinese companies that gutted margins. The bankruptcy of Solyndra LLC, which left the U.S.
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