Suntech appoints new CEO
Source: Agencies |
August 16, 2012, Thursday
|
Print Edition
Print Edition
SUNTECH Power Holdings Co has named a new CEO amid financial struggles and concerns that the company was the victim of fraud.
Suntech yesterday said David King is replacing Shi Zhengrong as CEO. King previously served as Suntech's CFO.
Shi will remain as executive chairman and chief strategy officer of the company, which is among the largest solar panel makers in the world.
Suntech, like most of the world's solar panel makers, has seen profits plummet because a glut in solar panels has sent prices tumbling. A large increase in global solar manufacturing capacity coincided with a slowdown in Europe, the world's biggest solar market.
For solar installers and customers, falling prices have made solar more attractive and increased demand, especially in the United States.
But several emerging solar panel makers have failed, and established ones are struggling to stay afloat.
Last month, Suntech said a business partner faked US$680 million in collateral for a loan Suntech had guaranteed.
Suntech yesterday said David King is replacing Shi Zhengrong as CEO. King previously served as Suntech's CFO.
Shi will remain as executive chairman and chief strategy officer of the company, which is among the largest solar panel makers in the world.
Suntech, like most of the world's solar panel makers, has seen profits plummet because a glut in solar panels has sent prices tumbling. A large increase in global solar manufacturing capacity coincided with a slowdown in Europe, the world's biggest solar market.
For solar installers and customers, falling prices have made solar more attractive and increased demand, especially in the United States.
But several emerging solar panel makers have failed, and established ones are struggling to stay afloat.
Last month, Suntech said a business partner faked US$680 million in collateral for a loan Suntech had guaranteed.
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