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UPDATE 1-JA Solar chairman takes over as CEO
January 14, 2013 / 11:50 AM / 5 years ago

UPDATE 1-JA Solar chairman takes over as CEO

Jan 14 (Reuters) - JA Solar Holdings Co Ltd said its chairman and former chief executive, Baofang Jin, will return to the helm, three years after stepping down from the position.

Jin, the company’s chief executive from August 2009 to January 2010, will replace Peng Fang, whose three-year term as CEO will end on Jan. 20.

Jin returns to the top job at JA Solar at time a when solar companies have been battered by a sharp fall in panel prices due to global oversupply.

Chinese solar companies also face import duties in the United States and the possibility of similar tariffs in Europe.

JA Solar shares, which traded at around $21.00 in January 2010 when Jin quit as CEO, closed at $5.59 on Friday.

However, things are looking up for Chinese solar companies due to a raft of measures unveiled by the Asian country to support the ailing domestic solar industry. China said last week it would more than double its installed solar power capacity this year from 2012 levels.

JA Solar’s stock has risen about 42 percent in the last three months.

Jin has served as JA Solar’s chairman since May 2005 and executive chairman of the board since July 2009.

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