Hoku Corp. (HOKU: Quote) announced that its board has formed a five-member committee to oversee and direct the company's efforts to restructure its liabilities.
The company said that Scott Paul, an executive officer of Hoku Corporation since 2003, and the Company's chief executive officer since 2010, will resign as CEO on June 30, and continue as a director and chairman of the newly formed restructuring committee.
"Jeremy" Xiaoming Yin, the Company's president since early 2011, will begin reporting directly to the board of directors as the acting chief executive officer.
The company also announced that it is exploring opportunities to sell Hoku Solar, the Company's wholly owned subsidiary that markets and installs turnkey photovoltaic systems and provides related services in Hawaii.
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by RTT Staff Writer
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