Chinese solar power project developer ReneSola Ltd has announced the departure of its CEO Xianshou Li with effect from July 8, 2019. Li has resigned from all his other managerial positions in the company and all its subsidiaries. The board accepted Li's resignation, which according to the official release was because of 'personal reasons.'
Li has been replaced by Shelley Xu who was ReneSola's group president overseeing project development and construction in the Asia Pacific region. Xu has been with the company since its inception in 2005. On the company's website, Xu is credited with successfully implementing the penetration of the module sales business into the domestic market leading to the achievement of a 'remarkable sales record,' which helped the company in transitioning from wafer sales to the downstream market.
"I am honored by the Board's trust and confidence in me. ReneSola has a clear plan and strategy, and a strong senior management team. With the support of the Board and our senior officers, I am confident ReneSola will continue to grow and thrive," said Xu.
Xianshou Li founded the company in 2005 and served as the company's CEO since March 2005. He also served as the chairman of the board since March 2016. His departure comes at a time when the company is not doing so well financially. In Q1/2019, its revenues slid down 71% YoY as net loss went up to $5.6 million even though its full year guidance has remained intact (see ReneSola Suffered $5.6Mn Net Loss In Q1/2019).