LDK Solar appoints new CEO and adds five new board members

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PV manufacturer LDK Solar has announced the appointment of Xingxue Tong as its CEO with immediate effect.

He moves to this role from his current position as President, Chief Operating Officer and a director of LDK Solar.

Tong joined LDK Solar in January 2007. Prior to joining the company, Tong served as General Manager for Southeast Asia Business Development at GT Solar in the US. He has more than 15 years of experience in managing operations of companies in the solar industry.

LDK Solar also announced the appointment of five new board of director members, namely Ceng Wang, Shian Wu, Zhibin Liu, Hongjiang Yao and Xuezhi Liu. Wang and Wu have been appointed as independent directors. These appointments are effective immediately.

Wang joins the company from China Shenfei Group where he was serving as Chief Strategic Advisor and has extensive experience in corporate restructuring, merger and acquisition and investment and financing.  

Wu joins the company from Jiangxi Yuzhou Scientific and Technological Institute where he currently serves as President. In addition to this role, Wu has been teaching at Jiangxi University of Finance and Economics since 1982.

Zhibin Liu has moved from his position as the Chairman of the Board and the General Manager of Asset Management Co. He has been serving this role since April 2007.

Yao has joined LDK Solar from Xinyu Iron & Steel Joint Stock Company where he has been serving as the Board Secretary since February 2008.

Xuezhi Liu moves from Hi-tech Wealth Investment and Developing Co. where he serves as Vice President.

Commenting on the new appointments, Xiaofeng Peng, Chairman of LDK Solar, said: “I am confident that during his tenure at LDK Solar, Xingxue has developed in-depth operational expertise that will be valuable in the role of CEO and will ensure a smooth transition. We believe that by separating the roles of the Chairman and CEO, along with adding additional highly experienced members to the board, we will enhance our corporate governance and better position the company.”

He also added: “LDK Solar's newest board members are esteemed professionals with broad experience in finance and technology. We are pleased to have them serve on our company's board and believe that their collective experiences will strengthen the board by providing a more balanced composition and hence, valuable insight and guidance from a wider perspective.”

With mounting losses, LDK Solar made drastic revisions to its full-year guidance in September when it reported a net loss which was higher than its revenue levels for its second quarter of 2012. Full-year guidance was revised downwards to between US$1.1 billion to US$1.5 billion. At the start of the year, LDK Solar had a revenue guidance of between US$2 billion and US$2.7 billion.

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