Yingli Changes Board of Directors And Forms Special Committee Regarding Debt Repayment Issues
Baoding, China – Chinese solar panel manufacturer Yingli Green Energy Holding Company Limited announced that Mr. Xiangdong Wang has resigned from his position as an executive director of the Company due to personal reasons.
The Company´s board of directors has appointed Mr. Jingfeng Xiong, a vice president of the Company, to replace Mr. Wang as an executive director effective as of March 3, 2017.
Mr. Jingfeng Xiong joined the Company in 2000. He served as the Company´s vice president and Chief Engineer since 2008 and has been responsible for the Company´s manufacturing, research and development with rich experience in operation management, technology improvement and technical innovation. He has led the Company´s Project Panda, a research and development project for high efficiency monocrystalline PV cells. Mr. Xiong has planned many other innovation programs and made outstanding contributions by optimizing operations and automating production lines to improve yield rates, enhance cost savings and increase production efficiencies. In addition, he has been playing a key role in the over-all planning of procurement, production and sales along with the Company´s strategic adjustments in recent years. He received a bachelor´s degree in electronics in 1999 from Hebei University and his EMBA degree from Nankai University in China.
"I´m pleased to welcome Mr. Xiong to the board of directors. I believe his operational and technical expertise will make him a valuable contributor to the board," commented Mr. Liansheng Miao, Chairman and Chief Executive Officer of the Company. "I would also like to personally thank Mr. Wang for his valuable contributions to the board."
In addition Yingli announced that, in order to properly consider the Company´s options with respect to and ultimately resolve the debt repayment issues faced by the Company´s principal subsidiaries, the Company´s board of directors has formed a special committee comprised solely of independent directors to assess the Company´s operating and financial situation and evaluate, develop and recommend one or more strategic alternatives and financing plans potentially available to the Company in order to improve its debt structure. The time that may be required for the Special Committee to complete its work and any assessment, evaluation and recommendation to be made by the Special Committee are unpredictable. No timetable has been set for the Special Committee to complete its work.
Source: IWR Online, 08 Mar 2017