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Solyndra CEO Resigns, Replacement Named

Reut Cohen |
October 13, 2011 | 7:36 p.m. PDT

Executive Producer

(John Martinez Pavliga, Creative Commons)
(John Martinez Pavliga, Creative Commons)
The chief executive of Solyndra, who invoked his right against self-incrimination and refused to answer questions from angry lawmakers on Capitol Hill last month, has resigned amid scandal over a $535 million federal loan that was given to the struggling company.

Papers filed in a Delaware bankruptcy court Tuesday noted that that Brian Harrison, the former CEO, resigned last Friday and asked to hire R. Todd Nielson from the California-based Berkeley Research Group LLC.

Nielson, a high-profile bankruptcy expert, acted as the bankruptcy trustee for boxer Mike Tyson and the rap label Death Row Records, according to the court filing.

Solyndra said it expected Harrison's resignation before the FBI raided its Fremont offices in California last month. Harrison became Solyndra’s CEO in July 2010. He and other company officials are accused of hiding the fact the solar company was struggling. 

The scandal surrounding the company has only escalated in recent weeks.

Newly released emails suggest that President Barack Obama took an interest in the company despite a pledge to recuse himself as his wife’s law firm represented the company. Last week Jonathan Silver, the head of the U.S. Energy Department's loan program that promised the federal loan to Solyndra, announced his resignation.

In 2009 Solyndra promised it would create 4,000 new jobs in return for a $535 million guaranteed federal loan. In early September the energy firm filed for Chapter 11 bankruptcy and laid-off its entire workforce.

 

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