- Maggie Ma has resigned as the CFO of China’s ReneSola; her resignation will be effective Feb. 28, 2018
- Cindy Chen will be replacing her and will pick up the reins on March 1
- Management has pointed out that Ma’s departure is not owing to any disagreements or financial issues
The chief financial officer (CFO) at Chinese PV project developer and operator ReneSola, Maggie Ma, has resigned from her post to pursue other interests. She will be replaced by Cindy Chen as of March 1.
The management was quick to stress that Ma’s departure is “not related to any issues or disagreements regarding the company’s financial disclosures, accounting policies and practices.”
Holding an MBA from Fudan University, Chen was most recently working as a financial controller at Mofang Service Group Ltd. and as deputy general manager at Redstar Macalline Group Co. Ltd. During her over 20-year career, Chen worked with IBM China for over 8 years.
“We are very pleased to have Cindy Chen join ReneSola in the capacity of CFO. Cindy’s solid experience in financial operations and internal control is a great fit for ReneSola as we work to drive the company toward improving financial and operational performance,” said CEO Xianshou Li. “We greatly appreciate the contributions Maggie Ma has made during her tenure at ReneSola. We respect her decision and wish her the very best in her future endeavors,” he added.
This is the second high-profile exit from the company in recent times. In November 2017, the company’s president for the US region, ex-Trina Solar guy Kevin Chen, resigned. The company then promoted the CFO of the US region, Doran Hole, to the position of CEO of North America and group vice president of strategy (see ReneSola’s US Head Kevin Chen Resigns).