China Sunergy Co., Ltd. (NASDAQ: CSUN) , a specialized solar cell and module manufacturer, today announced that Yongfei Chen has tendered his resignation of the Chief Financial Officer for personal reasons. Mr. Chen’s resignation will be effective from October 31, 2014.
Mr. Shiliang Guo, has been appointed as Acting Chief Financial Officer effective from November 1, 2014. Mr. Guo has been a director of China Sunergy since May 2009 and he has been the chief financial officer of China Electric Equipment Group Co., Ltd. (or “CEEG”), one of the related companies of China Sunergy since October 2004. He received a bachelor’s degree in finance from Suzhou University in 1984 and obtained the qualification of PRC Certified Public Accountant in 1993. Upon the appointment of Acting Chief Financial Officer, Mr. Guo will resign from all executive positions in CEEG.
We have to question who politicians and corporate executives think they are fooling when announcements are made that a person has resigned for personal reasons. The departure of Mr. Chen as CFO comes on the heels of China Sunergy CEO Stephen Zhifang Cai’s “resignation for personal reasons” last month.
Clearly, new CEO Tingxiu Lu is cleaning house. Lu was China Sunergy’s chief executive from October 2006 to July 2007 and has continuously served as Chairman of the board since 2007. Mr. Lu is also Chairman of the board of CEEG. The relationship between these two companies is more complex than merely sharing a Board Chairman. They refer to themselves as “partners” and have a history of transferring assets and employees between the two.
ST Staff Writers
This post was prepared by Solar Thermal Magazine staff.