Wang replaces Shi as Suntech chair

Shi Zhengrong has been replaced as chair of the board of Suntech – the Chinese PV giant he founded – by fellow director and former Solectron executive Susan Wang.

Shi will remain a director of Suntech, where he was also chief executive until last August before stepping aside in favour of current CEO David King.

Wang worked for contract manufacturing group Solectron – subsequently bought by Felxtronics – for almost 20 years until 2002 as executive vice president of corporate development and chief financial officer.

Wang said: "Suntech's board and management team are focused on resolving critical capital structure initiatives and charting Suntech's path forward as a leading supplier of solar products."

She has been a director of Suntech since 2009. Her elevation to chairwoman is the latest in a number of senior changes at the PV group.

The announcement came the day Suntech – the world’s largest supplier of PV modules in 2011 – saw rival Chinese group Yingli Solar claim that crown with the announcement of 2.3GW of shipments last year.

Suntech has faced several challenges over the last year, including adjusting capacity to reflect a tough PV market and falling victim to an alleged fraud in Italy.

Shi, known in China as the ‘Sun King’, founded Suntech in 2001 and was the first to create a Chinese solar company with commercial success overseas.

He assumed the role of chief strategy officer when he stepped down as CEO.