The founder and theoretically outgoing board chairman of China-based solar energy company Suntech Power Holdings (OTC:STPFQ) said he will not step down from his post. In a statement released to the media and quoted by such outlets as Reuters, Zhengrong Shi characterized the company's naming of a replacement to be "invalid and of no effect."

"I am fully committed to continuing to serve the company as executive chairman to the best of my ability and to guide it through these difficult times," he added.

On Monday, the firm announced Susan Wang had been appointed as chairwoman. It added that Shi would remain a director.

Shi, who founded the company, still owns around 29% of Suntech's shares.