Himanshu H. Shah Appointed as Chairman of the Board of ReneSola Power

Rhea-AI Summary

ReneSola Ltd (NYSE: SOL) has appointed Himanshu H. Shah, Founder and CIO of Shah Capital, as the new Chairman of its Board of Directors. This change follows a series of updates in the leadership of the company's committees, with Martin Bloom taking over the Audit Committee, Ramnath Iyer leading the Compensation and ESG Committees, and Shah also heading the Nominating and Corporate Governance Committee. Shah Capital holds over 22% of ReneSola Power, and Shah has opted not to take any compensation for his role.

Positive

• Appointment of Himanshu H. Shah as Chairman signals leadership stability.
• Shah Capital's 22% ownership aligns interests of major stakeholders with company growth.
• Management commitment to pipeline growth and profitability expressed.

Negative

• None.

• Changes in Chairs and Members of All Committees

STAMFORD, Conn., Nov. 22, 2022 /PRNewswire/ -- ReneSola Ltd ("ReneSola Power" or the "Company") (www.renesolapower.com, NYSE: SOL), a leading fully integrated solar project developer, today announced that Himanshu H. Shah, Founder and CIO of Shah Capital was appointed as Chairman of the Board of Directors (the "Board"). In addition, the Company made the following changes to the leadership and members of its Board committees, effective immediately.

• Martin Bloom succeeded retiring Tan Wee Seng as Audit Committee Chair.
  Active Member(s) of Audit Committee are Ramnath Iyer and Julia Xu.
• Ramnath Iyer succeeded Martin Bloom as Compensation Committee Chair.
  Active Member(s) of Compensation Committee is Martin Bloom.
• Himanshu Shah succeeded Julia Xu as Chairman of Nominating and Corporate Governance Committee.
  Active Member(s) of Nominating and Corporate Governance Committee are Martin Bloom and Julia Xu.
• Ramnath Iyer succeeded Martin Bloom as ESG Committee Chair.
  Active Member(s) of ESG Committee are Martin Bloom, Julia Xu, Yumin Liu, and Ke Chen.

Mr. Yumin Liu, ReneSola Power's Director and Chief Executive Officer said, "We are very pleased to welcome Himanshu Shah as Chairman of our Board. Himanshu brings a unique combination of leadership ability, strategic vision, and strong drive for success further revitalizing our company."

"I appreciate our Board's trust and look forward to continue working with our management team in growing our pipeline and becoming more profitable." said Himanshu Shah.

Shah Capital is a long-term stakeholder and has over 22% ownership of ReneSola Power. Himanshu joined ReneSola Power as a Director in March 2022. Himanshu has opted to continue not receiving any compensation from the Company. He is also the Executive Chairman of Marius Pharmaceuticals, and previously served on the Board of Directors of Vitamin Shoppe. Himanshu brings over thirty years of experience in global capital markets and entrepreneurial business acumen. Over the years, he has successfully advised many Shah Capital portfolio companies on both pragmatic strategy and disciplined execution.  

More information can be found at the Corporate Governance on ReneSola Power's investor relations website at http://ir.renesolapower.com. 

About ReneSola Power

ReneSola Power (NYSE: SOL) is a leading global solar project developer and operator. The Company focuses on solar power project development, construction management and project financing services. With local professional teams in more than 10 countries around the world, the business is spread across number of regions where the solar power project markets are growing rapidly and can sustain that growth due to improved clarity around government policies. The Company's strategy is to pursue high-margin project development opportunities in these profitable and growing markets; specifically, in the U.S. and Europe, where the Company has a market-leading position in several geographies, including Poland, Hungary, Minnesota and New York. For more information, please visit www.renesolapower.com.

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SOURCE ReneSola Ltd.

FAQ

Who is the new Chairman of ReneSola Power?

Himanshu H. Shah has been appointed as the new Chairman of ReneSola Power.

What changes were made to ReneSola Power's Board of Directors?

The company announced several leadership changes, including new committee chairs and members.

When was Himanshu H. Shah appointed as Chairman?

Himanshu H. Shah was appointed on November 22, 2022.

What is Shah Capital's stake in ReneSola Power?

Shah Capital holds over 22% ownership of ReneSola Power.

What committees did Martin Bloom and Ramnath Iyer lead after the changes?

Martin Bloom became the Chair of the Audit Committee, while Ramnath Iyer became the Chair of the Compensation and ESG Committees.