Sinovel chairman Wang Yuan quits
Sinovel has announced that its chairman Wang Yuan is stepping down “for personal reasons”, continuing the churn of senior executives at the troubled Chinese wind turbine group.
Wang’s departure was revealed in a Sinovel filing to the Shanghai Stock Exchange, which gave no further details beyond thanking him for his contribution. The board will elect a replacement as soon as possible, it said.
He had held the chairman’s post at Sinovel since May 2013, when he took over from previous incumbent Wei Wenyuan, who quit after just two months.
Wei briefly held the chairman and president’s posts, the latter on an acting basis, following the departure of Han Junliang, Sinovel’s founder, earlier in that year.
Issues facing the Chinese wind group include a criminal probe by China's financial regulators, a possible de-listing from the Shanghai exchange, and a high-profile, international legal battle with former supplier AMSC over allegations of stolen IP.
Those come against the background of a $550.7m net loss in 2013 and ashrinking market share that has seen Sinovel fall to seventh place in the list of China’s turbine suppliers.
As recently as 2011, it was the world’s number-two wind supplier.