MEMC Electronic Materials Inc. (WFR) has selected former Praxair Inc. (PX) controller Mark Murphy to be its new chief financial officer. He is succeeding Tim Oliver, who is leaving the silicon wafer maker to pursue other opportunities.
MEMC, which makes silicon wafers for the solar and semiconductor industries, has had a rebound in sales due to demand for chips in electronic devices and to soaring global demand for solar power. The rebound has led to a return into the black during the past two quarters.
Oliver, who joined MEMC as CFO in November 2009, will stay through the end of the first quarter to aid in the transition. "MEMC's efforts to reduce costs, mitigate risk, improve capability and catalyze growth have truly transformed the company," Oliver said.
MEMC shares closed Tuesday at $11.72 and were inactive premarket. The stock is down 14% this year.
-By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com