China’s ‘Sun King’ dethroned as head of Suntech
Zhengrong Shi, the founder of giant Chinese PV module maker Suntech resigned today as the embattled company’s chief executive. He is being replaced by David King, who joined Suntech last year as chief financial officer.
Shi, known as the “Sun King” in China after creating the first Chinese solar company to have commercial success overseas, will now act as executive chairman and also take up the position of chief strategy officer.
“The solar industry is at a critical juncture and is facing both significant challenges and exciting opportunities. At this time, I believe it's important to devote more of my time to guiding the strategic direction of the company, building relationships with key partners, and driving the ongoing development of Suntech’s leading solar technology,” Shi said in a statement.The management change comes as Suntech – along with the rest of China’s solar manufacturing sector – is facing tough economic times compounded by a high profile incident last month when Suntech revealed it may have been defrauded to the tune of USD687 million, and this month its shares hit an all-time low.