XINYU CITY, China and SUNNYVALE, Calif., Nov. 5, 2012 /PRNewswire/ -- LDK Solar Co., Ltd. ("LDK Solar") (NYSE: LDK), a leading vertically integrated manufacturer of photovoltaic (PV) products, today announced that Xingxue Tong has been appointed Chief Executive Officer of LDK Solar, effective immediately. Xiaofeng Peng will continue to serve as Chairman of the Board of the Company. Mr. Tong currently serves as President, Chief Operating Officer and a director of LDK Solar.
"In light of the continued challenging environment for solar companies, I have determined that I can best serve the company by focusing my time on guiding LDK Solar's strategic direction and developing partner and other key relationships," stated Xiaofeng Peng, Chairman of LDK Solar. "I am confident that during his tenure at LDK Solar, Xingxue has developed in-depth operational expertise that will be valuable in the role of CEO and will ensure a smooth transition. We believe that by separating the roles of the Chairman and CEO, along with adding additional highly experienced members to the Board, we will enhance our corporate governance and better position the Company."
"I am pleased to assume the role of CEO and look forward to working with Chairman Peng and the team on navigating the near-term industry challenges while continuing to build a foundation for growth for LDK Solar," said Xingxue Tong, President and CEO of LDK Solar.
Mr. Tong joined LDK Solar in January 2007. Mr. Tong has over 15 years of experience in managing operations of companies in the solar industry, and is a senior engineer at the professor level. Prior to joining LDK Solar, Mr. Tong served as general manager for south-east Asia business development at GT Solar in the United States. He was the executive president of commerce at CSI in 2004 and served as vice general manager of an affiliate of Tianwei Yingli from 1999 to 2004. Mr. Tong received an executive Master of Business Administration degree from the Cheung Kong Graduate School of Business in 2011, a diploma in industrial economic management from Renmin University of China in 1988 and a diploma in English from Hebei University in 1998.The Company also announced today the appointment of Mr. Ceng Wang, Mr. Shian Wu, Mr. Zhibin Liu, Mr. Hongjiang Yao and Mr. Xuezhi Liu to its board of directors. The board of directors has designated Mr. Wang and Mr. Wu independent directors. Effective immediately the nominating and corporate governance committees of the board of directors of LDK Solar consist of the following four directors: Dr. Maurice Ngai, Dr. Junwu Liang, Mr. Xiaofeng Peng, and Mr. Zhibin Liu. There is no change to the composition of the audit committee and compensation committee of the board of directors of LDK Solar.