Hoku says co-founder to quit as CEO, names replacement

(Reuters) - Solar raw material provider Hoku Scientific Inc said its co-founder Dustin Shindo will step down as chief executive and chairman effective March 31, citing personal reasons.

The company promoted chief operating officer Scott Paul as its new chief executive and president, effective April 1.

Hoku also named board member Wei Xia as new chairman.

Shindo, who co-founded Hoku in 2001 to develop fuel cell technology, will continue to advise the company on strategic and other matters, it said in a statement.

To focus on improving revenue from its solar and polysilicon businesses, Hoku created a new executive management job of chief strategy officer and named Jerrod Schreck to the position.

Hoku, which is struggling to raise capital for its planned 4,000 tons-per-year, $390 million polysilicon plant in Idaho and has delayed shipments, reported a third-quarter loss on January 27.

It also had said customer Suntech may have the right to terminate its supply deal and seek a refund of prepayment.

Shares of the Honolulu, Hawaii-based company closed at $2.35 Friday on Nasdaq.

(Reporting by Anirban Sen in Bangalore; Editing by Gopakumar Warrier)