SPI Energy's Co. Chairman Becomes Chief; CFO Steps Down

Chinese solar company SPI Energy Co. said its chairman was appointed chief executive as its current CEO and financial chief stepped down from their positions.

The company said Xiaofeng Peng, its chairman, became its CEO, replacing Roger Dejun Ye. Mr. Ye is remaining with the company as an executive vice president in charge of the solar business and was appointed to SPI's board.

SPI develops, finances, installs and operates solar projects for residential and utility use globally. A number of solar companies have faced challenges from low energy prices and as some U.S. states have considered scaling back solar-power incentives.

CFO Amy Jing Liu resigned from her position and left the board and the company, both for personal reasons.

SPI said it will search for a new CFO and named executive Tairan Guo interim CFO. Mr. Guo had led the company's green-energy payment platform.

American depositary shares of SPI began trading on Nasdaq in January. Shares closed last week at $6.39 and are down more than 60% from their first-trading-day price.

Write to Austen Hufford at [e-mail]

(END) Dow Jones Newswires

March 28, 2016 11:35 ET (15:35 GMT)

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