LDK Solar Announces CEO Transition and Appointment of New Members
to the Board
XINYU CITY, China and
SUNNYVALE, Calif., Nov. 5, 2012 /PRNewswire/ -- LDK Solar Co.,
Ltd. ("LDK Solar") (NYSE: LDK), a leading vertically integrated
manufacturer of photovoltaic (PV) products, today announced that
Xingxue Tong has been appointed Chief Executive Officer of
LDK Solar, effective immediately. Xiaofeng Peng will continue to serve as Chairman
of the Board of the Company. Mr. Tong currently serves as
President, Chief Operating Officer and a director of LDK Solar.
"In light of the continued challenging environment for
solar companies, I have determined that I can best serve the
company by focusing my time on guiding LDK Solar's strategic
direction and developing partner and other key relationships,"
stated Xiaofeng Peng, Chairman of
LDK Solar. "I am confident that during his tenure at LDK
Solar, Xingxue has developed in-depth operational expertise that
will be valuable in the role of CEO and will ensure a smooth
transition. We believe that by separating the roles of the Chairman
and CEO, along with adding additional highly experienced members to
the Board, we will enhance our corporate governance and better
position the Company."
"I am pleased to assume the role of CEO and look forward to
working with Chairman Peng and the team on navigating the near-term
industry challenges while continuing to build a foundation for
growth for LDK Solar," said Xingxue Tong, President and CEO of LDK
Solar.
Mr. Tong joined LDK Solar in January
2007. Mr. Tong has over 15 years of experience in
managing operations of companies in the solar industry, and is a
senior engineer at the professor level. Prior to joining LDK
Solar, Mr. Tong served as general manager for south-east
Asia business development at GT
Solar in the United States. He was the executive president of
commerce at CSI in 2004 and served as vice general manager of an
affiliate of Tianwei Yingli from 1999 to 2004. Mr. Tong
received an executive Master of Business Administration degree from
the Cheung Kong Graduate School of Business in 2011, a diploma in
industrial economic management from Renmin University of
China in 1988 and a diploma in
English from Hebei University in
1998.
The Company also announced today the appointment of Mr.
Ceng Wang, Mr. Shian Wu, Mr. Zhibin
Liu, Mr. Hongjiang Yao and
Mr. Xuezhi Liu to its board of
directors. The board of directors has designated Mr. Wang and
Mr. Wu independent directors.
Effective immediately the nominating and corporate governance
committees of the board of directors of LDK Solar consist of the
following four directors: Dr. Maurice
Ngai, Dr. Junwu Liang, Mr.
Xiaofeng Peng, and Mr. Zhibin Liu.
There is no change to the composition of the audit committee and
compensation committee of the board of directors of LDK Solar.
Mr. Ceng Wang currently serves as
the chief strategic advisor of China Shenfei Group, with extensive
experience in corporate restructuring, merger and acquisition and
investment and financing. Prior to that, Mr. Wang
served as the president and CEO of China Shenfei Group from
April 2010 to March 2012. Mr.
Wang has held various management positions at Pudong Development
Bank and Bank of China. Mr. Wang has also served as the
financial consultant of the People's Government of Xinyu,
Jiangxi since November
2010. In addition, he has provided training services to
the senior management of various foreign commercial banks based in
China, and served as an industry
expert and project consultant to foreign investment banks.
Mr. Shian Wu currently serves as
the president of Jiangxi Yuzhou Scientific and Technological
Institute. In addition, Mr. Wu has been teaching at
Jiangxi University of Finance and
Economics since 1982, when he graduated from the school with a
bachelor's degree in trading and economics. Since 1993, he has
received a special government allowance from the PRC State Council
and was awarded an honorary doctorate degree by the New York Institute of Technology in 2005. Mr. Wu is
also member of the Standing Committee of the People's Congress of
Jiangxi Province, a vice chairman
of the Education, Science, Culture and Health Committee of the
People's Congress of Jiangxi
Province, a second grade professor and a doctoral supervisor
of Jiangxi University of Finance
and Economics.
Mr. Zhibin Liu has served as the
chairman of the board and the general manager of Xinyu State-owned Asset Management Co., Ltd.
since April 2007. He
received a college degree from Yichun Normal College with a major
in Chinese language and literature in 1981 and a bachelor's degree
from Party School of the Central Committee of C. P. C. with a major
in economics and management.
Mr. Hongjiang Yao has served as
the board secretary of Xinyu Iron
& Steel Joint Stock Company since February 2008. Prior to
that, he served as the general manager of Xinhua Joint Stock
Company from January 2000 to February
2009. Mr. Yao received a bachelor's degree from Beijing
Institute of Steel and Iron with a major in steel rolling, and a
graduate degree from Huazhong University of Science and Technology
with a major in management science.
Mr. Xuezhi Liu currently serves
as the vice president of Hi-tech Wealth Investment and Developing
Co., Ltd. Prior to that, he was the general manager of Hainan
Prefecture Hi-tech Wealth Photovoltaic Electricity Co., Ltd. from
April 2011 to March 2012 and the general manager of Zhongheng
Technology (Tangshan) Caofeidian Co., Ltd. from September 2009 to April
2011. Mr. Xuezhi also served as the general manager of
Tangshan Sub-branch of Huatai Property and Casualty Insurance Joint
Stock Co., Ltd. from August 2006 to
September 2009. He received a bachelor's degree from Chengdu
Institute of Telecommunication Engineering with a major in
electrical machinery.
Mr. Xiaofeng Peng, Chairman of
LDK Solar, expressed his warmest welcome to the new members of the
LDK Solar Board. "LDK Solar's newest board members are
esteemed professionals with broad experience in finance and
technology. We are pleased to have them serve on our
Company's Board and believe that their collective experiences will
strengthen the board by providing a more balanced composition and
hence, valuable insight and guidance from a wider perspective," Mr.
Peng said.
About LDK Solar (NYSE: LDK)
LDK Solar Co., Ltd. (NYSE:
LDK) is a leading vertically integrated manufacturer of
photovoltaic (PV) products. LDK Solar manufactures polysilicon,
mono and multicrystalline ingots, wafers, cells, modules, systems,
power projects and solutions. LDK Solar's headquarters and
principal manufacturing facilities are located in Hi-Tech
Industrial Park, Xinyu City, Jiangxi
Province in the People's Republic
of China. LDK Solar's office in the United States is located in Sunnyvale, California. For more information
about LDK Solar and its products, please visit
www.ldksolar.com.
Safe Harbor Statement
This press release contains
forward-looking statements within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
All statements other than statements of historical fact in this
press release are forward-looking statements, including but not
limited to, LDK Solar's ability to raise additional capital to
finance its operating activities, the effectiveness, profitability
and marketability of its products, the future trading of its
securities, the ability of LDK Solar to operate as a public
company, the period of time during which its current liquidity will
enable LDK Solar to fund its operations, its ability to protect its
proprietary information, the general economic and business
environment and conditions, the volatility of LDK Solar's operating
results and financial condition, its ability to attract and retain
qualified senior management personnel and research and development
staff, its ability to timely and efficiently complete its ongoing
projects, and other risks and uncertainties disclosed in LDK
Solar's filings with the Securities and Exchange Commission. These
forward-looking statements involve known and unknown risks and
uncertainties and are based on information available to LDK Solar's
management as of the date hereof and on its current expectations,
assumptions, estimates and projections about LDK Solar and the PV
industry. Actual results may differ materially from the anticipated
results because of such and other risks and uncertainties. LDK
Solar undertakes no obligation to update forward-looking statements
to reflect subsequent events or circumstances, or changes in its
expectations, assumptions, estimates and projections except as may
be required by law.
SOURCE LDK Solar Co., Ltd.