The chief financial officer (CFO) of Tier-1 Chinese solar module producer, JA Solar has today resigned from his role.
Herman Zhao has stepped aside to “pursue other interests”, a JA Solar press release today intoned, stressing that “there are no issues involving the Company’s financial statements, internal controls or financial reporting procedures” that brought about the departure.
JA Solar earlier this month took steps towards privatization, having confirmed it is to merge with JASO Holdings Limited, which owns JASO Parent Limited and JASO Acquisition Limited – entities that all form part of the JA Solar family.
In the past couple of years, company CEO, Baofeng Jin has made noises about acquiring JA Solar outright for around US$489 million. In recent months, it has since emerged that Jin will lead a consortium of investors alongside Jinglong Group to purchase JA Solar in an all-cash transaction amounting to approximately $362.1 million.