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China

China

Sinovel appoints new CFO in latest board reshuffle

CHINA: Sinovel vice president Tao Gang has been replaced in the role of chief financial officer by deputy CFO Yang Zhiyuan.

The move was announced today in a statement to the Shanghai Stock Exchange. It comes as the company announced a third quarter loss of CNY 280 million ($44 million).  Sinovel had a net profit of in the third quarter of 2011.

The changeover does not affect Tao's current role.

Yang's appointment follows Sinovel's decision in August to hand the role of president to Wei Wenyuan, a director of the board and one of the founders of Sinovel.

Wen replaces Han Junliang, who will keep the post of chairman of the board.

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 the implementation of board decisions. Wei will take charge of production and operation management.




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