LDK Solar (NYSE: LDK) shares fell 4% Wednesday after the Chinese solar firm announced the unexpected resignation of its vice president of manufacturing, Reuters reported.
Shares remained down, around $8, on Thursday morning.
Nicola Sarno, the VP who resigned, was in charge of bringing LDK’s new polysilicon factory online.
LDK said its President and Chief Operating Officer Xingxue Tong will temporarily take the lead on manufacturing operations.
Reuters quoted an analyst with Oppenheimer & Co who said the news brings into questions the success of the new polysilicon plant, which LDK needs to make up for declining prices in its wafer business.
In August, LDK announced two agreements to develop solar power in Jiangsu Province of China–one for 300 megawatts (MW) and another for 500 MW.
Link to the Reuters story below.
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