MEMC Finance Chief Murphy To Return To Praxair

Date : 05/16/2012 @ 6:09PM
Source : Dow Jones News
Stock : J.C. Penney Company Holding Company (JCP)
Quote : 4.01  0.1 (2.56%) @ 6:02PM

MEMC Finance Chief Murphy To Return To Praxair

MEMC Electronic (NYSE:WFR)
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MEMC Electronic Materials Inc. (WFR) Chief Financial Officer Mark Murphy has left the semiconductor company to return to Praxair Inc. (PX), where he will head the industrial-gas provider's surface-technologies business.

MEMC, a provider of components for chips and solar cells, named executive Brian Wuebbels to succeed Murphy Wednesday, picking an executive who has worked with the company since 2007, most recently as the general manager of its balance-of-system products for solar panels.

Wuebbels also has run the company's solar-wafer-manufacturing unit. He previously worked as finance chief for Honeywell International Inc.'s (HON) sensing-and-controls business and has held other posts at General Electric Co. (GE).

MEMC has faced increasing threats to its top line in the past year as uncertainty shakes up the solar industry. In December, the company revealed plans to reduce its total workforce by 20% in response to market conditions.

Its latest management change follows the departure of Ken Hannah, MEMC's former president of solar energy, who left earlier this year to become chief financial officer at J.C. Penney Co. (JCP).

Murphy, who previously led Praxair's electronics division, will continue to work with MEMC in a consulting role during the CFO transition.

MEMC shares were recently off a penny at $2.12 after hours. The stock has declined 80% over the past year.

-By Drew FitzGerald, Dow Jones Newswires; 212-416-2909; Andrew.FitzGerald@dowjones.com

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