Suntech names new CEO amid struggles

AP News
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Posted: Aug 15, 2012 10:57 AM

Suntech Power Holdings Co., Ltd. has named a new CEO amid financial struggles, accusations of unfair trade practices, and concerns that the company was the victim of fraud.

Suntech says David King is replacing Dr. Zhengrong Shi as CEO. King previously served as Suntech's CFO.

Shi will remain as executive chairman and chief strategy officer of the company, which is among the largest solar panel makers in the world.

The company, based in Wuxi, China, has seen profits tumble because a glut in solar panels has sent prices tumbling. Suntech and other Chinese panel makers are also facing accusations that they have received unfair help from the Chinese government.

Last month, Suntech said a business partner faked $680 million in collateral for a loan Suntech had guaranteed.