King leaves Suntech CEO job

Beleaguered Chinese PV group Suntech has announced the departure of its CEO David King.

King was also acting chief financial officer of Suntech, which is currently trying to hammer out a debt restructuring agreement with its creditors.

King is replaced on an interim basis in both the CEO and CFO roles by company president Zhou Weiping. He said the company will now start looking for a new CFO.

King took the top job at Suntech in August 2012, when he replaced company founder Shi Zhengrong.

The departure of King – of which no further details were given – is yet another upheaval at Suntech, which has seen its main operating unit enter insolvency and defaulted on repayment of $541m of bonds.

On 31 August Suntech claimed it was on the cusp of reaching a deal with its creditors, and said then that it expected to hammer out a framework agreement “in the next week or so”.

A few days before that announcement Suntech’s chairwoman and two other directors abruptly resigned citing concerns about cash flow and business strategy.

Today Zhou said: “ I'm confident that I will be able to lead the company and, along with all our stakeholders, implement the restructuring plan over the coming months."