Chinese solar energy company Suntech Power Holdings Co., Ltd. (STP) promoted Wednesday Chief Financial Officer David King to take over as the new chief executive officer, with the current CEO Dr. Zhengrong Shi to now serve as executive chairman and chief strategy officer.
"We are delighted that David has agreed to bring his leadership and demonstrated operational excellence to the role of Suntech's Chief Executive Officer. We believe that this new management structure will position Suntech to excel in this environment," Dr. Shi said in a statement.
The Wuxi, China-based manufacturer of crystalline silicon photovoltaic, or PV cells and modules has named Anlin Ting-Mason, currently CFO of Suntech America, to succeed King as interim CFO of Suntech. She has over 30 years of financial experience in both China and the U.S.
Dr. Shi has been serving as chairman and CEO of the company since the time he founded it in 2001. He is also the inventor for 15 patents in PV technologies.
Dr. Shi has earlier served as a research director and executive director of Australian PV company Pacific Solar Pty., Ltd. from 1995 to 2001.
"The solar industry is at a critical juncture and is facing both significant challenges and exciting opportunities. At this time, I believe it's important to devote more of my time to guiding the strategic direction of the Company, building relationships with key partners, and driving the ongoing development of Suntech's leading solar technology," Dr. Shi added.
Meanwhile, King has been serving as CFO since joining the company in May 2011. He has previously served as CFO and treasurer at consulting firm Tetra Tech, Inc. (TTEK), and as vice president of finance and operations of Walt Disney Imagineering. He also was the vice president and CFO of the Asia Pacific region for Bechtel Group, Inc.
King began his career at Price Waterhouse where he gained a decade of international and transactional experience at the firm's Seattle, Los Angeles and Hong Kong offices.
STP closed Tuesday's regular trading session at $1.06, down $0.01 on a volume of 1.97 million shares.
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