30 Aug '13, 5pm

Suntech Directors Quit Saying Solar Maker Has No Plan

Suntech Directors Quit Saying Solar Maker Has No Plan

Suntech Power Holdings Co., the Chinese solar manufacturer whose main unit was pulled into bankruptcy earlier this year, said three directors including the former chairwoman quit saying the company had no business plan. Susan Wang, Julian Worley and Zhizhong Qiu resigned on Aug. 21, saying they weren’t provided with information they needed to fulfill their responsibilities, the Wuxi, China-based company said today in a statement. Michael Nacson replaced Wang, who took the post of chairwoman in March, Suntech said. The resignations highlight the divisions among the company’s management after a $541 million bond default and follow the ouster of Suntech founder Shi Zhengrong less than six months ago. China’s solar -panel industry, which supplies more than half the world market, is unprofitable amid a global glut and slower economic growth. “Rather than the incapability of the...

Full article: http://www.renewableenergyworld.com/rea/news/article/2013...

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