Enfield solar firm STR Holdings, which has suffer steady quarterly losses after the loss of its biggest customer earlier this year, said it will eliminate four senior positions, including its chief operating officer, to cut costs.
The positions to be eliminated include chief operating officer, vice president of human resources, chief technology officer and vice president of finance.
COO Barry A. Morris will continue to work for STR through a transition period ending Nov. 15, at which point, senior managers will take over the duties of the four positions.
“These cost-reduction actions are being implemented to better align the company’s organization and cost-structure to the current level of business,” STR said in a filing with the U.S. Securities and Exchange Commission.
STR did not disclose how much money the move would save. Morris’ annual base salary is $215,000 plus bonus and other incentives, according to a 2009 financial filing.
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