MEMC Electronics (WFR) CEO Nabeel Gareeb has informed the board of directors that he will resign and the company has appointed Board member Marshall Turner to serve as interim CEO effective Nov 12th.  Mr. Gareeb to aid in the transition to a new CEO.

Said Gareeb,  “We have created a unique asset-efficient model and cost-efficient structure that has allowed MEMC to generate industry leading profitability and consistent cash flow generation over the years, in good times and bad. We have used this building block to expand MEMC’s presence into the solar market over the last three years with multiple long term agreements. … With this foundation largely established, I believe it is the right time for a new CEO to lead the company into the next phase of growth and improvement. I will miss the employees, the customers and the shareholders, but I am sure they will be in good hands as MEMC proceeds to its next phase.”

Shares are currently down about 5% on the news.