CEO of rump Suntech business resigns

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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.