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China

Sinovel appoints new president

CHINA: Wei Wenyuan has been appointed the new acting president of Chinese turbine manufacturer Sinovel.

Sinovel has named Wei Wenyuan its new president
Sinovel has named Wei Wenyuan its new president

A director of the board and one of the founders of Sinovel, he replaces Han Junliang, who will keep the post of chairman of the board.

The news comes shortly after Sinovel reported a 96% profit slump, but Sinovel said the personnel change was to separate the roles of board chairman and company president, both of which were previously held by Han.

"This is a normal personnel change according to the corporate governance planning of Sinovel after its listing in the stock market," said Sinovel in a statement.

"Now, Sinovel has developed into a listed company, and we need to elevate corporate governance to a more scientific and modern level."

According to the company’s new constitution, amended in August, Han, as chairman, will preside over shareholders meetings, convene and chair board meetings and oversee implementation of board decisions. Wei will take charge of production and operation management

Sinovel, established in 2006, realised extraordinarily high growth rates in the early years to develop into the largest wind turbine maker in China, and the second largest in the world.

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