LDK Solar CO., Ltd.’s (LDK Solar’s) board of directors has elected Mr. Zhibin Liu as its new Chairman, and appointed Messrs. Yunsong Ao and Yan Xiong, both executive vice presidents of the Company at present, as additional directors to its board, effective immediately. At the same time, Mr. Xingxue Tong, President and Chief Executive Officer, and Interim Chairman previously, resigned from his directorship, but will remain as the President and CEO of the Company. With these changes, the number of the LDK Solar board of directors is eight.
Xingxue Tong, President and CEO of LDK Solar, stated, "Mr. Liu brings in with his proven track record management skills and expertise with various companies in China, and will provide new leadership to LDK Solar in its transformation for success in the years to come."
"Both of these gentlemen joined LDK Solar in January 2014. They have become key executives of LDK Solar, with significant contributions made in their respective areas of financial management and operational management in the past 18 months. I am confident that this newly constituted board of directors, plus the continued leadership of Mr. Tong as the President and CEO, will significantly contribute to the brand building, product offerings and financial health improvement of LDK Solar for the benefit of all our stakeholders."
In April 2015, LDK Solar successfully paid off the US$700 million overseas debts, closing the financial restructuring process since it filed for bankruptcy. LDK Solar is the first ever case of Chinese solar company to reconstruct abroad after bankruptcy. Now, the company is focusing on rebuilding its wafer and PV module manufacturing business as well as aspects including power supply and cash flows.