CEO Of Bankrupt Solar Firm Solyndra Resigns

FREMONT (CBS SF) – The chief executive of Fremont solar company Solyndra, whose bankruptcy led to a Congressional investigation of federal energy loan guarantees, has resigned.

Brian Harrison’s departure on Friday came “as scheduled,” according to a bankruptcy court document filed Tuesday. Solyndra has not yet commented on his resignation.

Harrison and the company’s chief financial officer, W.G. Stover, invoked the Fifth Amendment when they appeared before a House committee investigating the Department of Energy loan guarantee program.

KCBS’ Matt Bigler Reports:

Solyndra received a $535 million loan guarantee in 2009 only to lay off 1,100 employees and file for Chapter 11 bankruptcy in September of this year.

The judge overseeing the bankruptcy has been asked to approve R. Todd Neilson, to replace Harrison as Solyndra’s chief restructuring officer. Neilson acted as a bankruptcy trustee for boxer Mike Tyson and rapper Marion “Suge” Knight.

(Copyright 2011 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

  • Reality Check

    Time to take the money and run, huh?

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