DETROIT -- Mark Morelli resigned last week as CEO of Energy Conversion Devices Inc. as earnings continued to sink.
Morelli's resignation was announced along with the alternative energy company's third-quarter results and a plan for corporate restructuring after years of losses.
Morelli became CEO on Sept. 1, 2007, taking over for Robert Stempel, the former CEO of General Motors who died this month.
Energy Conversion Devices, a longtime automotive battery developer, had been working on a variety of projects involving electric and hydrogen batteries. In recent years, most of its business stemmed from solar energy applications.
Revenue for the company's third fiscal quarter fell 69 percent from the same quarter in 2010, to $21.5 million. The company reported a net loss of $243.2 million. It had projected $57 million to $65 million in revenue for its third quarter.
Changes to incentive programs in France and Italy drove down sales of solar panels in Europe, where the company does most of its business.
Energy Conversion Devices also announced it would reduce its work force by 20 percent, or 300 workers, and concentrate on building its North American business.
Jay Knoll, 47, executive vice president, will be interim president until the board finds a replacement.