The appointments will also see Ki-Joon Hong become chief executive officer (CEO). Hong is currently chairman of the board and previously he was CEO of Hanwha Chemical Corporation, during the period in which it entered the solar energy industry.
The additions to the Hanwha SolarOne board are Jung Pyo Seo as chief financial officer (CFO), Chris Eberspacher as chief technology office and Justin Koo Yung Lee as chief commercial officer. The new appointees are also hoped to enhance Hanwha SolarOnes research and development program and its marketing.
The Chinese vertically integrated module manufacturer, formerly known as Solarfun Power Holdings Co., is almost half-owned by South Koreas Hanwha Group that purchased its 49.9 percent stake a little less than one year ago.
Current CEO Peter Ping and CFO Gareth Kung will both step down from the board under the changes. Hanwha SolarOnes shares rose around 5.5 percent on the news.
Industry analysts Jeffries believe that the new management structure and team will push for the deeper integration of Hanwha Solar One into Hanwhas renewable strategy. "We believe (this) will speed up the realization of potential synergies including, improving product bankability and demand, developing solar projects for Hanwha investment and sourcing, including polysilicon," Jefferies said in statement.
Jefferies also believes Hanwha Solar One will exceed its shipment guidance and that second quarter gross margins of 13.5 percent will increase.