CSUN announces resignation of CFO Yongfei Chen


Chinese solar manufacturer CSUN (China Sunergy) announced on Thursday that its chief financial officer (CFO), Yongfei Chen, has resigned for personal reasons. In his stead the company has appointed Shiliang Guo as acting CFO. Chen’s resignation will be effective as of October 31.

From November 1, Guo – who has been a director of CSUN since May 2009 – will supersede the outgoing CFO as acting CFO. Guo has previously been the CFO of China Electric Equipment Group Co. (CEEG), which has been affiliated with CSUN since October 2004. He holds a bachelor’s degree in finance from the Suzhou University, and became a PRC-certified public accountant in 1993.

Upon becoming the CFO for CSUN, Guo will resign from all executive positions at CEEG. "We welcome Mr. Guo to join our management team, and we believe his knowledge of the industry and the company, his experience in finance and accounting, will make a great contribution to our future success," said CSUN chairman and CEO, Tingxiu Lu.

"We sincerely thank Mr. Chen for his great contributions to the company, particularly at a time when the solar sector went through tremendous changes and tough challenges."

This change at board level echoes a similar shuffle in September, when then-CEO of CSUN Stephen Zhifang Cai resigned, to be replaced by founder and chairman. Mr. Lu.

pv magazine recently interviewed Mr. Lu about CSUN’s strategy of diversifying its module manufacturing to overseas locations, primarily Turkey, in an effort to decentralize its production and meet the challenges of the global PV market.

The company currently has module production capacity of 300 MW in Turkey, while cell production capacity is currently at 100 MW. Combined with its Chinese fabs, CSUN’s annual global production capacity is 1.2 GW.

The full interview will be published in the November issue.