XINYU CITY, China and SUNNYVALE, Calif., LDK Solar CO., Ltd. (“LDK Solar”, OTC Markets: LDKYQ), announced that the LDK Solar board of directors has elected Mr. Zhibin Liu as its new Chairman, and appointed Messrs. Yunsong Ao and Yan Xiong, both executive vice presidents of the Company at present, as additional directors to its board, effective immediately.? At the same time, Mr. Xingxue Tong, President and Chief Executive Officer, and Interim Chairman previously, resigned from his directorship, but will remain as the President and CEO of the Company. With these changes, the number of the LDK Solar board of directors is eight.
"We are pleased to welcome Mr. Liu as our new chairman of the board of directors," stated Xingxue Tong, President and CEO of LDK Solar. "Mr. Liu brings in with his proven track record management skills and expertise with various companies in China, and will provide new leadership to LDK Solar in its transformation for success in the years to come," concluded Mr. Tong.
Incoming new Chairman Zhibin Liu commented, “We highly appreciate the contribution and dedicated services provided by Mr. Xingxue Tong in his role as Interim Chairman when LDK Solar was in its most difficult time. We are also highly thankful to him as a valuable member of the LDK Solar board for so many years. Although we regret to see him resigning from the LDK Solar board, we are pleased that Mr. Tong will continue to play his leadership role in LDK Solar’s operational management as its President and CEO.” Mr. Liu also welcomed Messrs. Ao and Xiong to join the LDK Solar board of directors.? “Both of these gentlemen joined LDK Solar in January 2014. They have become key executives of LDK Solar, with significant contributions made in their respective areas of financial management and operational management in the past 18 months.? I am confident that this newly constituted board of directors, plus the continued leadership of Mr. Tong as the President and CEO, will significantly contribute to the brand building, product offerings and financial health improvement of LDK Solar for the benefit of all our stakeholders.”