Wuxi, China-based Suntech Power Holdings Co. (NYSE: STP) got a new CEO today.
On Friday, Suntech announced that Chief Executive Officer and acting Chief Financial Officer David King is stepping down from both roles in favor of company President -- now also company interim CEO and interim CFO -- Mr. Zhou Weiping.
In a statement, the latter executive thanked King for his service and added, "I'm confident that I will be able to lead the company and, along with all our stakeholders, implement the restructuring plan over the coming months."
Suntech said that its board will begin searching for a new permanent CFO. The company did not say whether it will also be seeking a new permanent CEO, or whether it will make Mr. Zhou Weiping's interim position permanent.
Suntech shares are up strongly on the news, rising more than 8% in late-day trading.