- REC Silicon has a new CFO in charge in the form of Jeong Ryul Yun who comes from Hanwha Solutions/Qcells
- Yun was till recently the EVP of Hanwha Solutions/Qcells and has worked with the group for over 25 years
- He has replaced interim CFO Douglas Moore who will continue to be in REC’s group finance team
Leadership changes at Norway headquartered REC Silicon, that operates polysilicon manufacturing facilities in the US, continue as the company has now announced the appointment of a senior executive of Hanhwa Solutions/Qcells Jeong Ryul Yun as the company’s new chief financial officer (CFO).
Yun has replaced Douglas J Moore from the position where he was working as the interim CFO since November 2021. Moore will continue to be a key member of the REC Silicon group finance team.
Till recently, Yun was the executive vice president of Hanwha Solutions/Qcells and previously the head of Business Development of Hanwha Corporation/Global. He has been with the Hanwha Group for over 25 years now and takes the job at REC Silicon with experience in executive management, financial reporting and control, and business development and strategy.
“He has a very strong financial background, which he combines with relevant international sector experience,” said REC Silicon’s President and CEO Kurtis Levens. “I believe his experience and background will bring value to the group as a whole, and I look forward to working together with Mr. Yun to further position and grow the REC business.”
Levens himself was elevated to the position in September 2022 from heading the Electronic Grade Polysilicon and Silicon Gases where he was the senior VP and GM (see REC Silicon Appoints New Chief Executive Officer).
REC Silicon has got a new lease of life with a strategic investment from Hanwha (see Hanwha Invests in US Silicon Production). It is now planning to start production at its US based Moses Lake Facility from the end of 2023 after keeping it shuttered for lack of demand. Of late it has also started hiring actively for its operations.
Having become an equity investor in REC Silicon, for Hanwha the polysilicon manufacturing company is crucial to the success of its solar manufacturing business in the US after the government has tightened its grip on the inflow of Xinjiang connected solar PV products. Also, the US Inflation Reduction Act (IRA) provides very attractive financial incentives for companies to invest in vertically integrated solar PV manufacturing (see Inflation Reduction Act 2022 Now A Law). Hanwha Solutions recently revealed plans to start a new EVA fab in the US (see Hanwha To Produce Module Encapsulants In US).
