Dustin Shindo steps down as Hoku CEO

Hoku announced that effective March 31, Dustin Shindo will step down as Hoku chairman, president and CEO, although he will continue to serve the company in advisory position as a consultant. Scott Paul, Hoku's former chief operating officer, has been approved to succeed Shindo as president and CEO.

Shindo co-founded Hoku in 2001 to develop novel fuel cell technology, and has served as chairman, president, and CEO since the company's inception. He cited personal reasons and a desire to transition management to the next generation of Hoku's leadership for stepping down and said,

"This was a difficult decision for me, but one made more easy knowing that Scott will assume the CEO role, and by the board's desire and willingness for me to continue in an advisory capacity. Scott and I have served together at Hoku for almost seven years, and I am extremely impressed by his management skills and his vision for the company. I have absolute confidence in Scott's ability to achieve Hoku's goals and to continue growing the company's culture and business."

Wei Xia, recently named chairman of the board, also effective April said, "The board of directors was hopeful that Mr. Shindo would continue as CEO for a longer period of time. However, we understand Mr. Shindo's reasons for stepping down, and we are extremely confident in Mr. Paul's ability to lead Hoku as the company completes construction and begins operating its polysilicon plant this year."

Paul first joined Hoku in 2003 as its VP business development and general counsel, and has served as chief operating officer since October 2008. Before joining Hoku, Paul worked as a corporate attorney in the San Francisco Bay Area since 1998.