The bloodbath in shares of US solar leader First Solar (FSLR) continued today as news that CEO Rob Gillette is out hit the Street and shares fell off a cliff mid day, ultimately ending down 25%.  It’s the lowest point for the stock since early 2007.  Ouch.

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Former CEO and current Chairmen Mike Ahearn will step in at CEO until a permanent replacement is found.  Part of what spooked investors is that the company offered few details and it’s unclear whether Gillette was asked to leave or stepped down on his own.  Adding fuel to the fire, a Citi analyst believes FSLR will need to lay off 10% of its work force.  Analysts were surprised at the move and didn’t see it coming.

The company will not provide any details until it releases its Q3 earnings report next week.

This is going to weigh on shares of FSLR for quite some time and with major support levels long gone, it’s not entirely out of the question to see this stock hitting all time lows below $25.