Sinovel loses second chairman in two months

CHINA: Sinovel chairman Wei Wenyuan has resigned from the company after only two months in the job.

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At an interim meeting of the board on Tuesday, presided over by vice-chairman Tao Gang and attended by seven directors, Sinovel director Wang Yuan was elected as the new chairman, and vice-president Liu Zhengqi was appointed as the new president.

Sinovel said Wei had handed in his resignation yesterday. In addition to chairman, Wei was also a board director and acting president. He did not give a reason for the decision.

Wei replaced former chairman and Sinovel founder Han Junliang less than two months ago as the board chairman. Han cited personal reasons for the resignation.

Wang has served as a member of the board since July 2008. He has been a vice-president of Dalian Sinovel Heavy Industry Group since January 2012.

Liu was a director of the board from 2006 to 2008. He has been a vice-president of Sinovel since February 2006.

In August, Wei took over the post of Sinovel president from Han, in an attempt, as Sinovel claimed, to separate the roles of board chairman and company president.

In 2012, the Chinese wind power industry entered a complex adjustment stage, which brought about unprecedented pressures on turbine makers.

Sinovel reported a CNY 582 million ($94 million) loss in 2012, down 197%, and lost CNY 249 million in the first quarter of this year, down 969%.

To stabilise performance and improve the Sinovel's fortunes, Wei tried to reshuffle the company structure. Wei put 351 staff — about one third of the headcount at the firm's Beijing headquarters — on a "paid vacation" at the end of 2012.

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