LDK Solar founder Peng steps aside for new chief executive

After LDK's listing on the US Nasdaq stockmarket in 2007, Peng became one of China's youngest billionaires

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By Dominique Patton Singapore

 Monday, November 05 2012

Updated: Sunday, November 25 2012

LDK Solar chief executive Peng Xiaofeng has stepped down, handing the role to its chief operating officer Tong Xingxue, who is also currently president and a board director at the Chinese PV manufacturer.

Peng, who will remain as chairman of the board, founded LDK in 2005 and presided over its rapid growth, which saw it become the world’s biggest wafer-maker, with integrated production of polysilicon through to module manufacturing.

After its listing on the US Nasdaq stockmarket in 2007, Peng became one of China’s youngest billionaires with an estimated net worth of $2.5bn by the age of 33, according to the Forbes rich list of 2008.

However, LDK is now mired in debt and seeking state assistance to keep its operations going.

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