LOS ANGELES, March 5 Suntech Power Holdings Co
Ltd founder Zhengrong Shi on Tuesday said his removal
from the struggling solar panel maker's executive chairman post
by the board of directors a day earlier was "invalid and of no
"I am fully committed to continuing to serve the company as
executive chairman to the best of my ability and to guide it
through these difficult times," Shi said in a statement.
On Monday, Wuxi, China-based Suntech issued a statement
naming Susan Wang, a former chief financial officer of Solectron
Corp, as chairman of the board. It said Shi would remain a
director of the company.
For the last two years, Suntech and others in the solar
industry have been grappling with a global glut of solar panels
that has sent prices into a tailspin and hammered their once
high-flying stocks. Suntech shares, which peaked at $90 in 2008,
closed at $1.21 Tuesday on the New York Stock Exchange.
Suntech, among the largest of the world's solar panel
manufacturers, said late last year that it was defrauded by a
partner in a solar development fund, and as a result would
reduce its 2010 net income by between $60 million and $80
million. The cash-strapped company is also weighing options to
cover a $541 million convertible bond due this year.
Suntech officials could not immediately be reached for