Suntech founder claims unlawful exit
By Richard Fu |
March 7, 2013, Thursday
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Print Edition
Print Edition
SUNTECH Power Holdings Co founder Shi Zhengrong yesterday claimed he was "unlawfully" removed as executive chairman by the board of directors as an internal fight escalates at the struggling producer of solar panels.
"The board's decision to purportedly remove me was misconceived and unlawful," Shi said in a statement. "The board had no legal basis for doing so, and the decision was invalid and of no effect."
On Monday, the US-listed company issued a statement saying the board has named Susan Wang, a director of Jiangsu-based Suntech since April 2009 and the former chief financial offer of Solectron Corp, as Shi's successor.
"The actions taken at this time by the board show that they are not focused on the issues most important at hand and are not acting in accordance with the best interest of the company," said Shi, still Suntech's largest shareholder. He added he will take all steps necessary to protect the company.
"The board's decision to purportedly remove me was misconceived and unlawful," Shi said in a statement. "The board had no legal basis for doing so, and the decision was invalid and of no effect."
On Monday, the US-listed company issued a statement saying the board has named Susan Wang, a director of Jiangsu-based Suntech since April 2009 and the former chief financial offer of Solectron Corp, as Shi's successor.
"The actions taken at this time by the board show that they are not focused on the issues most important at hand and are not acting in accordance with the best interest of the company," said Shi, still Suntech's largest shareholder. He added he will take all steps necessary to protect the company.
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