Senior Leadership Overhaul At Daqo New Energy

• Longgen Zhang has stepped down from his position as CEO of Daqo New Energy 
• He has also relinquished his position as a director on the company board, for personal reasons  
• Xiang Xu has been announced as the new CEO and company board chairman, taking over from Guangfu Xu 

Chinese polysilicon manufacturer Daqo New Energy has announced the departure of its long-time Chief Executive Officer (CEO) Longgen Zhang with immediate effect, and revealed company Director Xiang Xu as his replacement. 

Zhang has also stepped down as a director on the company board. He abdicated his positions due to personal reasons, the management stated. Previously the CFO of Jinko Solar, Zhang is still a director on Jinko Solar's board, according to information on Daqo's website.  

"As the company has been performing very well both operationally and financially, I believe the time is right for me to step down from my position and spend more time with my family and pursue personal interests," said Zhang.  

Daqo has also announced the departure of the Chairman of the Board of Directors, Guangfu Xu, also with immediate effect. He continues to remain associated with the company as a director on the board.   

Xu has been picked to take over as the board chairman from his father Guangfu Xu. He has been working as a director of the company since Daqo's Initial Public Offering (IPO) launch and as vice chairman of the board since June 2022. 

"As the new Chairman and Chief Executive Officer, I will work closely with our board members and management team to ensure a seamless leadership transition," stated Xu.  

Daqo recently announced its Q2/2023 financial results reporting a significant decline in net income due to declining polysilicon prices (see Low Polysilicon Prices Impact Daqo's Q2/2023 Results).