Suntech CEO steps down, replaced by CFO

Suntech Power Holdings (STP.NYSE), world’s largest panel maker by output, replaced founder Shi Zhengrong with CFO David King as the company’s CEO, in order to secure new financing amid fraud allegations and mounting debts, Reuters reported. Shi’s chairman title will become executive chariman, and he will also be named the firm’s chief strategy officer. “Dr. Shi has personally been considering this transition for some time. The new management structure will free up Dr. Shi to focus on strategy and key relationships with the government, customers, banks and vendors,” said Rory Macpherson, director of investor relations. Global Solar Fund (GSF), which is 80% owned by Suntech, allegedly faked US$690 million in collateral for a loan which Suntech had guaranteed, leaving the solar giant struggling to pay the convertible bond due in early next year.