Reshuffle At Hanergy Thin Film

Once touted as one of the richest men in China, Li Hejun of the Hanergy Thin Film Power Group Limited resigned from his positions of executive director and the chairman of the board on May 20, 2016. The reason cited for his departure was cited as to ‘strengthen corporate governance.’

Along with Li, another Executive Director and Deputy Chairman of the Board and CEO of the company, Dai Frank Mingfang also put in his papers, and so did Feng Dianbo, executive director and deputy chairman of the board.

The company board was quick to bring on board Si Haijan as executive director and CEO of the company, along with Dr Lam Yat Ming Eddie as executive director and deputy chairman of the board.

Si Haijan has been on board of Hanergy as executive director since December 2015. He has extensive financial and comprehensive management experiences. Currently, Si is the CEO of Hanergy Global Solar Power & Applications Group.

The changes in the top management come in the wake of the group going through financial losses. In 2015, Hanergy Thin Film suffered a net loss of over $1.6 billion. It also wrote off around $1.01 billion as impairment of good will to Hanergy Group, adding to its losses (see Hanergy’s Revenues Fall Over 70% In 2015). Interestingly, Li Hejun continues to be the chairman and CEO of Hanergy Group.