The chairman and former CEO of Enfield solar parts manufacturer STR Holdings sold 41 percent of his shares in the company, according to a regulatory filing.
Dennis Jilot, who was the company’s president and CEO from 1997 to 2011 and has chaired its board of directors since 2002, was one of four members of the STR board of directors that sold significant quantities of their stock in a special Dutch auction designed to give shareholders an opportunity to sell their value-declining shares back to the company.
In addition to Jilot, who sold 41 percent, board member Andrew M. Leitch sold 84 percent of his STR stock while board member Dominick Schiano sold 50 percent of his shares, according to the company’s annual report filed with the U.S. Securities & Exchange Commission.
Susan Schnabel, former chair of the board’s corporate governance committee, unloaded 100 percent of the shares held by her affiliates.
Schnabel since has resigned her position at the company. Schiano has informed the board he will not seek re-election to his board position this year.
The Dutch auction gave shareholders the ability to offer large quantities of stock to the company, bundled at the price per share of the highest bidder. The company bought back a total of $24.1 million in stock, valued at $1.54 per share. Back in November 2010, STR’s stock was valued at $25.73.
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