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Scan for outdated or missing drivers - takes under a minuteDriver Scan →Clear out junk files and repair common Windows errorsFree Scan →Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →MEMC Electronic Materials named Nabeel Gareeb president and CEO on April 10, 2002, replacing Klaus von Horde as the silicon-wafer supplier responded to a difficult financial period and restructured its debt. MEMC later reported that von Hörde retired in April 2002.
Who did MEMC name CEO?
MEMC appointed Nabeel Gareeb president and chief executive officer on April 10, 2002, according to EE Times’ contemporaneous report. He replaced Klaus von Horde. MEMC’s 2001 annual report states that von Hörde retired in April 2002.
What was Gareeb’s background?
Before joining MEMC, Gareeb had worked at International Rectifier since 1992 and was most recently its chief operating officer, EE Times reported. In the announcement quoted by the publication, Gareeb said he looked forward to bringing “the customer’s perspective to MEMC, a pioneer in the silicon wafer industry,” adding that the perspective would help shape and execute long-term strategy for customers, stockholders and employees.
What was happening with MEMC’s finances?
EE Times reported that MEMC had entered an agreement with an investment group in 2001 to restructure its debt after falling short of cash in the second half of that year. MEMC’s 2001 annual report describes a November transaction in which an investor group led by Texas Pacific Group purchased E.ON’s interest in the company.
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The annual report gives two debt figures at different dates and describes the year-end amount as book value:
- At September 30, 2001, debt was $1.1 billion.
- At December 31, 2001, debt had a book value of $221 million; cash was $107 million.
- MEMC also reported a five-year, $150 million revolving credit line guaranteed by TPG.
These are figures reported in MEMC’s 2001 annual report, published in 2002. They describe the company’s reported debt, cash and credit arrangements—not the company’s value or the complete terms of the restructuring.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How did MEMC describe its operating response?
In its annual report, management said it was reducing costs, improving production yields, concentrating on a high-performance wafer portfolio and optimizing capacity. The report also described a modest recovery in worldwide silicon-wafer shipments after demand reached a low point in the third quarter of 2001, while cautioning that stabilization did not by itself mean growth had resumed. These are management’s characterizations in the report, not independent measurements of market conditions.
The available accounts establish the appointment and broad restructuring context, but do not give the full debt-agreement terms or explain the board’s detailed rationale for selecting Gareeb. They also do not show that his appointment caused any subsequent financial improvement.
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- Author: Bungay Stanier, Michael.
- Publisher: Page Two
- Pages: 244
- Publication Date: 2016-02-29
- Edition: 1
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