Solar power company Sky Solar Holdings, Ltd., has replaced its Chief Executive Officer (CEO) Weili Su with Hao Wu with immediate effect. Su will not serve as director, officer, manager, legal representative or in any other management position of the company's subsidiaries or any other consolidated entities, but will continue to remain a director of the company.
The management has not shared the reason of this step. In an official statement, Sky Solar stated that Su called for an extraordinary shareholders meeting. The same day in a board meeting, Hao Wu was named successor to Su as the CEO and the new chairman of the Board of Directors of the company.
The company has set up an executive committee comprising Hao Wu, Xinhua Yu and Xiaoguang Duan, which is 'actively searching for candidates for vacated management positions'. The official statement read, "The Company is looking for the right candidates that can deliver on growth objectives in the Company's target markets, primarily including Japan and Americas region. The Company expects to hold a conference call with investors in the near future."
A Chartered Financial Analyst, Wu has been a director of Sky Solar since July 2012. Since August 2005, he has been managing partner and CEO of Sino Century.
In another management change, Andrew Y. Yan has resigned as an independent director for personal reasons. He has been replaced by Glen Wei. He will also serve on the audit committee, the nominating and corporate governance committee and the compensation committee of the Board of Directors. Wei is a partner at the global law firm Dentons.