A company statement released by CSUN today announced the resignation of CEO Stephen Zhifang Cai ‘for personal reasons’ with Tingxiu returning to the position he previously held ‘effective September.’
No further explanation was given for the resignation of Zhifang as CEO.
The Nasdaq-listed and British Virgin Islands-registered manufacturer’s share price has tanked since peaking at $9.49 on November 6, hitting a 12-month low of $2.58 on May 9 and closed at $3.31 yesterday, down $0.07 or 2.07%.
‘Industry veteran’ Tongxiu previously held the top job at CSUN for a ten-month period between October 2006 and July 2007 and has been chairman of the company’s board since 2007.
The CSUN announcement added Tingxiu would resign from his executive positions at the China Electric Equipment Group (CEEG) upon resuming his post as CEO at Nanjing-headquartered CSUN.