Senior Management Reshuffling At Canadian Solar

• Changes at the senior management level have been announced by Canadian Solar
• Its President and COO Yan Zhuang has stepped down to become president of CSI Solar
• Canadian Solar's Senior Vice President and Chief Manufacturing Officer Guangchun Zhang has now been appointed as CSI Solar's senior vice president, Operations and Technology
• Leslie Li Hsien Chang is a new independent director on the board of both Canadian Solar and CSI Solar

In the run up to the initial public offering (IPO) of its module and system solutions (MSS) business in China under the CSI Solar Co., Ltd. brand, vertically integrated company Canadian Solar Inc. has made some changes at its top management level (see Canadian Solar Wants Capital Market Access In China).

Canadian Solar's President and Chief Operating Officer (COO) Yan Zhuang has stepped down from his position to take over the role of president of CSI Solar even though he will continue to be a part of the parent company's board. Having been with the Canada headquartered company since 2007, Zhuang is credited with the success of Canadian Solar's international expansion and building it as a global brand.

Another leadership resource at Canadian Solar, Guangchun Zhang has relinquished his position as senior vice president and chief manufacturing officer to assume the role of senior vice president, Operations and Technology with CSI Solar. Zhang commands over 18 years of experience in the solar PV industry. Previously he worked with Suntech Power Holdings, Centre for Photovoltaic Engineering at the University of New South Wales (NSW) and Pacific Solar Pty.

The appointments of both Zhuang and Zhang are effective September 29, 2020.

There is one new addition to the group's board of directors with Leslie Li Hsien Chang as the new independent director from September 25, 2020. He, along with Zhuang and Zhang, will also be part of the board of directors of CSI Solar. Since 2014, Chang has been associated with CITIC Capital (Holdings) Limited as a senior advisor.

"I am very pleased to welcome Leslie to both Boards of Directors, as he brings exceptional expertise on global and Asian financial markets, critical to Canadian Solar and our MSS business as we prepare for the China listing and future growth," said Canadian Solar's Chairman and CEO Dr Shawn Qu. "I would also like to congratulate Yan and Guangchun in their new roles in CSI Solar. Both colleagues have been instrumental in the Company's development over the past many years and I have no doubt that their contributions will take Canadian Solar and CSI Solar to new heights."

In another development related to its planned IPO listing on STAR Market, Canadian Solar has also raised $260 million for its module business subsidiary CSI Solar (see Canadian Solar Raises $260 Million For Module Business).