Daqo New Energy Announces Leadership Changes

Rhea-AI Summary

Daqo New Energy Corp. announces the resignation of Chairman and Founder Guangfu Xu and CEO Longgen Zhang, and the appointment of Xiang Xu as the new Chairman and CEO.

Positive

• The appointment of Xiang Xu as the new Chairman and CEO brings strong expertise to the company.
• The company has been performing well both operationally and financially.
• The leadership transition is expected to be seamless.

Negative

• None.

SHANGHAI, Aug. 3, 2023 /PRNewswire/ -- Daqo New Energy Corp. (NYSE: DQ) ("Daqo New Energy", the "Company" or "we"), a leading manufacturer of high-purity polysilicon for the global solar PV industry, today announced its Chairman and Founder, Mr. Guangfu Xu, will step down from his position as Chairman of the Board of Directors (the "Board), effective immediately, but will remain as a director on the Board. Meanwhile, Mr. Longgen Zhang, after more than five years of dedicated service, will step down as Chief Executive Officer and a director of the Company with immediate effect due to personal reasons.

Concurrently, the Company announced the appointment of Mr. Xiang Xu as Chairman of the Board and Chief Executive Officer, effective immediately. Mr. Xiang Xu has strong expertise across the solar industry and corporate management. He has been serving as a Director of the Company since its initial public offering and as Vice Chairman of the Board since June 2022.

"I am grateful to have joined such a brilliant team at Daqo New Energy on its journey to become a world-leading low-cost and high-purity polysilicon manufacturer. I am proud of all the accomplishments we have achieved together. As the Company has been performing very well both operationally and financially, I believe the time is right for me to step down from my position and spend more time with my family and pursue personal interests.", said Mr. Longgen Zhang.

The Company's Chairman of the Board and Chief Executive Officer Xiang Xu said: "On behalf of our Board, I would like to thank Longgen for his tremendous contribution to the Company over the last five years. He has been a highly valued member of our Board and has been instrumental in sharpening our strategy and leading the Company to the next level. While we sincerely regret Longgen's decision to leave, we fully understand and respect his decision. We wish him all the best in his future endeavors. As the new Chairman and Chief Executive Officer, I will work closely with our board members and management team to ensure a seamless leadership transition."

About Daqo New Energy Corp.

Daqo New Energy Corp. (NYSE: DQ) ("Daqo" or the "Company") is a leading manufacturer of high-purity polysilicon for the global solar PV industry. Founded in 2007, the Company manufactures and sells high-purity polysilicon to photovoltaic product manufactures, who further process the polysilicon into ingots, wafers, cells and modules for solar power solutions. The Company has a total polysilicon nameplate capacity of 205,000 metric tons and is one of the world's lowest cost producers of high-purity polysilicon.

For more information, please visit www.dqsolar.com.

View original content:https://www.prnewswire.com/news-releases/daqo-new-energy-announces-leadership-changes-301892677.html

SOURCE Daqo New Energy Corp.

FAQ

Who is stepping down from their positions at Daqo New Energy?

Chairman and Founder Guangfu Xu and CEO Longgen Zhang are stepping down from their positions at Daqo New Energy.

Who has been appointed as the new Chairman and CEO?

Xiang Xu has been appointed as the new Chairman and CEO of Daqo New Energy.

What is the reason for Longgen Zhang's resignation?

Longgen Zhang is resigning from his position due to personal reasons.

How long has Longgen Zhang served as CEO of the company?

Longgen Zhang has served as CEO of Daqo New Energy for more than five years.

What is the outlook for the company's leadership transition?

The company expects a seamless leadership transition with the appointment of Xiang Xu as the new Chairman and CEO.