MERRIMACK, N.H. (AP) — GT Solar International Inc., which makes equipment and technology for the solar power industry, said on Monday that it replaced its CEO last week.
GT Solar spokeswoman Susan Vaillancourt said Tom Zarrella, who had been president and CEO since 2007, was replaced because "the board believes that the time is right for a new, more experienced CEO" as company continues to grow and evolve.
Zarrella, 53, had also been a member of the board of directors.
He was replaced by Tom Gutierrez, 61, who was named president, CEO and as a director.
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It said Gutierrez had been chief executive from 1998 to 2001 at Invensys Power Systems, which makes power control and energy storage products, systems and services. More recently, Gutierrez was CEO from 2001 to 2008 at Xerium Technologies, which develops, manufactures and markets synthetic textiles.
The company said the change was effective last Wednesday.
Also Monday, the company said it expects to earn $9 million to $10 million, or 6 to 7 cents per share, for the quarter that ended Sept. 26. It expects revenue between $100 million to $105 million.
Analysts surveyed by Thomson Reuters had been expecting a profit of 6 cents per share on lower revenue of $86.8 million.
GT Solar shares slipped 6 cents to $5.19 in afternoon trading.