Suntech Power Holdings announced David King has stepped down as CEO and acting CFO and Zhou Weiping has assumed the roles of interim CEO and interim CFO with immediate effect. The board of the Company will first commence a search for a new CFO.
Zhou will retain his roles as president and director of the Company.
Zhou Weiping, Suntech’s CEO, said, “We would like to thank David for his service and I’m confident that I will be able to lead the company and, along with all our stakeholders, implement the restructuring plan over the coming months.”
The announcement comes days after Suntech announced that Susan Wang, Julian Worley, and Zhizhong Qiu resigned as directors of the company for reasons that “included not being provided with information that was critical for them to fulfill their responsibilities and the Company’s failure to implement some of their proposed actions.”
Suntech Power, with 2,000MW of annual production capacity at the end of 2011, had filed for bankruptcy in late March after the company defaulted on a $541 million bond payment.