November 21, 2024 1:19 pm
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Dr. Shi Steps Down as Suntech CEO

 

Leading solar company’s founder moves aside amidst mounting debt and fraud allegations

By Eric Wesoff

greentechmedia.com

Governor Brewer welcomes Suntech to Goodyear, where it built a manufacturing plant in 2010.

Suntech was the world’s number one solar manufacturer in 2010 and rode a subsidy-led boom to the top. Its suddenly super wealthy Founder and CEO, Dr. Zhengrong Shi, was hailed as an entrepreneurial beacon in China’s manufacturing sector.

Now, amidst a difficult debt situation and a allegations of financial impropriety, Dr. Shi is stepping down as CEO and being replaced by David King, most recently CFO of the firm. Anlin Ting-Mason, now CFO of Suntech America, will fill the role of interim CFO.

Dr. Shi will serve as Executive Chairman and Chief Strategy Officer

Suntech’s stock is trading near historic lows and the once highly-valued PV firm has a market cap of $182 million.

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