REC Silicon ASA, the Norwegian polysilicon supplier with manufacturing plants in the US, has announced its long-term CEO Tore Torvund is stepping down from his position after leading the company for over a decade.
The company's board has agreed to Torvund decision to leave the company he led for 12 years as he now turns 70 years old. His position will be filled up by the company's current CFO James A. May II who will act as the interim CEO. Douglas Moore, the company's current corporate controller, will act as the CFO.
Meanwhile, the board will find and appoint a new CEO to lead the Norwegian company.
The news follows South Korea's Hanwha Solutions acquiring 16.67 % stake in the company from Aker Horizons in November 2021 (see Hanwha Picks Up Stake In REC Silicon).
Notably, Hanwha Solutions wants representation on REC Silicon's board that's expected to be led by Kristian Monsen Røkke after Aker Horizon's recommendation. Current Chairman of the company board Kjell Inge Røkke is planning to step down, stated REC Silicon.
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