Directors Ditch Suntech Power
Three directors of Chinese solar manufacturer Suntech Power Holdings Co. (NYSE:STP) have officially resigned from their positions. Julian Worley, Zhizhong Qiu, and former chairwoman Susan Wang each citied the lack of a coherant business plan as the primary reason for their departure.
Suntech Power’s primary unit fell into bankruptcy in March of this year, as the company defaulted on a $541 million bond. Suntech shares fell 7.3 percent yesterday and have fallen a total of 34 percent this year. The ability for Suntech to continue its operations is questionable at best.
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