CIGS: solyndra swaps CEO
Brian Harrison has joined Solyndra as President and CEO. (...) The changes come amid a painful chapter in one of the solar world's more engrossing melodramas. The company, which has created a novel tubular solar panel, has raised more than $1 billion from investors and nabbed hundreds of millions in government loans. President Obama and Steve Chu have spoken at the factory. The company has even nabbed clients like Anheuser-Busch. Nonetheless, the tubular panels cost far more to produce than conventional solar panels, making the likelihood of long-term success a question mark in investors' minds. Solyndra's average sale price is around $3.24 a watt and the company has been selling panels at a loss. Crystalline silicon solar panels sell for $1.95 or less a watt and companies can sell them for a profit.
(...) The VC playbook is rather thin. Provide more money, stop providing money or replace the CEO are the primary actions VCs faced with flailing company performance tend to take. In this case, the chosen course of action is to replace the CEO.