LDK Solar Announces CEO Transition and Appointment of New Members to the Board
XINYU CITY, China and SUNNYVALE, Calif., Nov. 5, 2012
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
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
SOURCE LDK Solar Co., Ltd.
Contact: Lisa Laukkanen, The Blueshirt Group for LDK Solar,
email@example.com, +1-415-217-4967, Jack Lai, Executive VP and CFO, LDK
Solar Co., Ltd., IR@ldksolar.com, +1-408-245-8801
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