The resignation of China Sunergy (CSUN) chief executive, Stephen Zhifang Cai, has prompted the return of one of the company’s founders, Tingxui Lu, to the top post.
CSUN said in a statement today that Cai had tendered his resignations for “personal reasons” without giving further details.
Lu served as CSUN chief executive for 10 months between 2006 and 2007 and has been the company’s chairman since then.
CSUN described Lu as an “industry veteran” who brought “deep industry knowledge” to the company.
Lu said: “In recognition of Stephen's service, I would like to extend my personal appreciation for his dedicated services and contributions to China Sunergy, especially in the past several years when the solar industry has undergone very challenging dynamics. I am honoured, energised and very excited to be back in a highly active role with the company. I will focus on the strategic initiatives in the hope of revitalisation, innovation and creation of value for our customers and shareholders.”
CSUN has recently begun manufacturing its modules in Turkey to avoid Europe’s anti-dumping duties on Chinese PV imports.
Cashflow problems earlier in the year prompted CSUN to sell one of its unused facilities.