Solar power product maker STR Holdings Inc. said Wednesday that its longtime leader, Dennis L. Jilot, is stepping down as CEO and president and will be replaced by the head of its solar business unit, Robert S. Yorgensen
Yorgensen will become CEO and president beginning Jan. 1, while Jilot will continue as chairman of the STR Holdings' board.
Jilot said in a news release that it was an appropriate time for the transition, 14 years after he began leading the Enfield, Conn.-based company.
He was quoted in the news release as saying that Yorgensen "contributes an unparalleled depth of knowledge and experience to STR, and I believe he is the best choice to lead STR in the years ahead."
During Jilot's tenure, STR's annual revenue grew from $26 million to $372 million. In 2009, Jilot led STR's initial public offering. STR's recent sale of its quality assurance business for $275 million enabled the 67-year-old company to focus exclusively on its solar business.
Yorgensen began working at STR in 1985, and has been president of STR Solar since 1997. STR is a supplier of encapsulants for photovoltaic modules, with more than 80 customers around the world.
Shares of STR rose 12 cents, or 1.3 percent, to $9.08 in morning trading. But the stock has lost more than 50 percent this year.
STR and other solar-energy companies have been hurt by weak demand on cuts in subsidies, plus added competition that has led to production surpluses.