In a newly created position, Suntech Power Holdings has appointed a senior executive from a Wuxi Guolian state owned investment company to the board of directors and president of the company, with immediate effect.
The new president of Suntech is Weiping Zhou, formerly the chairman of Wuxi Guolian Futures and former finance department manager of state owned Wuxi Guolian Development Group.
Wuxi Guolian is the municipal region in China where Suntech’s manufacturing and administrative headquarters are based.
Suntech has also appointed Philip Fan as an independent director and will hold a seat on Suntech’s board, effective immediately. Fan was formerly an executive director of Hong Kong Stock Exchange-listed China Everbright International as well as an independent director of Goodman Group, an Australia listed company.
“We are delighted to welcome Mr Fan and Mr Zhou to Suntech's board of directors,” said Ms. Susan Wang, Suntech's chairwoman. “Mr Fan brings deep experience across multiple industries and is a seasoned director of publicly listed companies, and Mr. Zhou has broad experience in executive and financial management positions during his time at Guolian Group. We are confident that their knowledge and expertise will be invaluable as we navigate near-term challenges and realize Suntech's long-term potential in the solar industry.”
Suntech announced last week that it had defaulted on repayment of a US$541 million bond.