Suntech chairman protests 'unlawful' removal

Zhengrong Shi, the founder of Chinese solar firm Suntech Power Holdings (STP.NYSE), said in a statement Wednesday that he was improperly removed as chairman, The Wall Street Journal reported. Suntech named Susan Wang as Shi’s successor on Monday, saying that Shi would remain a chief strategy officer and director. Shi called the move “misconceived and unlawful” and said he has been excluded from discussions of Suntech’s refinancing and restructuring for more than a month. The company, one of the world’s largest solar panel makers, is fast approaching a March 15 deadline to make a US$541 million bond payment.