In the latest twist to the Suntech saga, the rump Suntech Power Holdings Co. Ltd. has lost its boss.
In a brief filing to the U.S. Securities and Exchange Commission (SEC) yesterday Suntech which recently sold off its main Wuxi Suntech manufacturing operations to fellow Chinese manufacturer Shunfeng Photovoltaic International announced Weiping Zhou had stepped down with immediate effect.
The insolvent parent company, which is resisting a legal action by U.S.-based investors, said Zhou, its interim CEO, chief financial officer, president and a director, had resigned for ‘personal reasons.'
The Suntech announcement added the company expects to announce a new management team pending a review by the remaining directors and its joint provisional liquidators.
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