Robert Gillette, 48, the CEO of Honeywell Aerospace since early 2005 is now the CEO of First Solar as of October 1, 2009. Gillette will replace Mike Ahearn who will remain with the company as its executive chairman.

Gillette will get a $5 million signing bonus along with stock options. The signing bonus is to replace monies he lost from Honeywell by taking the job His base compensation will be $850,000 with potential bonuses for 2009 and 2010 equal to 100% of his salary. He will also receive $3.25 million in fully vested stock options and another stock grant of $6.5 million that will vest.

Gillette spent about 13 years with Honeywell in various roles, including CEO of its Transportation Systems division and president of its Turbo Technologies unit. Prior to Honeywell, he spent 10 years with General Electric.

Honeywell replaced Gillette with Tim Mahoney who was the Chief Technology Officer at Honeywell Aerospace where he oversaw a $2 billion research and development budget and 10,000 engineers.

John Laub is the Chairman of the Phoenix CEO-CFO Group.

1. "Honeywell Exec to Take the Helm at First Solar." Phoenix Business Journal. September 3, 2009.

2. "Honeywell Aerospace Names Tim Mahoney CEO." Phoenix Business Journal September 3, 2009.

3. "First Solar Announces Robert J. Gillette as CEO." Company News Release. Business Wire. September 3, 2009.

4. "New First Solar CEO Gets $5 M Bonus, Stock Options." Phoenix Business Journal. September 11, 2009.

5. Form 8-K. First Solar Inc. September 3, 2009.