(Updates with executive’s comment in third paragraph, work history in fourth.)
Oct. 10 (Bloomberg) -- Abound Solar Inc., which received in December a $400 million loan guarantee to build two panel factories, named Craig Witsoe president and chief executive officer, replacing Tom Tiller, who will become chairman.
The changes take effect Nov. 1, the Loveland, Colorado- based thin-film solar company said today in a statement. Tiller, 50, said he is relinquishing the CEO duties to attend to personal issues.
“We have had some unexpected issues in our family, so I need to transition to a role with less day-to-day involvement,” Tiller said in the statement.
Witsoe was president and CEO of Lineage Power Holdings Inc., a maker of electricity converters that was sold to General Electric Co. in January. He’ll be tasked with helping Abound complete factories in Colorado and Indiana that will make solar panels using a cadmium-telluride semiconductor.
The U.S. Energy Department’s loan guarantee program has come under political fire after Solyndra LLC filed for bankruptcy Sept. 6. The Fremont, California-based solar company received the first guarantee, worth $535 million.
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