Daqo’s Gongda Yao Resigns

After Gongda Yao Surprisingly Resigned As Daqo New Energy’s CEO, Search Begins To Find A Successor
06:46 AM (Beijing Time) - 10. January 2018
n_people_Daqo's Gongda Yao Resigns_ab 2018-01-09

Gongda Yao has left Daqo after almost a decade to spend time with family and to pursue personal interests. The departure comes as a surprise - only in November, Daqo had published very good Q3 results. (Photo Credit: Daqo New Energy)

Key Takeaways

  • Daqo New Energy has announced the departure of its CEO Dr. Gongda Yao from the company
  • Yao resigned from his job with immediate effect for personal reasons
  • The resignation comes as a surprise as the company had recently published strong Q3 results
  • The company’s founder and chairman of the board, Guangfu Xu, will serve as the acting executive chairman and acting CEO until the company finds a successor

Gongda Yao, the CEO of Daqo New Energy until this point, has resigned from his post with immediate effect. He will continue to serve as a non-executive board member until March 31, 2018. Yao is leaving his post for personal reasons.

Until the company finds a successor, for whom the search has already started, Daqo’s founder and chairman of the board of directors, Guangfu Xu, will act as executive chairman and acting CEO.

For the past 9 years, it has been a privilege to work with the wonderful team of Daqo New Energy on its journey to become a world-leading low-cost and high-purity polysilicon manufacturer,” stated Yao. He continued, “As the company has been performing very well both operationally and financially, I think it’s time for me to step down from my position and spend more time with my family and pursue personal interests.”

Before joining Daqo in August 2008, Yao was the vice president and China general manager for Applied Materials. He also served as the vice president and general manager of the Integrated Metal Business unit of Novellus Systems. With a PhD in materials science and engineering from the State University of New York at Stony Brook, he holds more than 10 US patents.

Xu stated, “I sincerely regret Dr. Yao’s decision to leave, however I fully understand and respect his decision.” After thanking him for his contribution over his time at the company, he added “Yao has built a world-class company with a leading position in the industry in terms of product quality and cost structure.” Xu continued: “We have started the process of identifying qualified chief executive officer candidates and will bring the next chief executive officer on board as soon as we can.”

End of November stock-listed Daqo had published very strong Q3 results. Its revenues of $89 million was better than in Q2 ($76 million), which was enabled by high poly sales prices averaging $16.19/kg and strong shipments of 4,500 tons. This lead of a very good gross margin of 43%..

 

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