Chinese billionaire Li Zhenguo has stepped back from the day-to-day management of Longi, the solar giant he founded 25 years ago, highlighting turmoil in the industry as falling profits and factory overcapacity undermine years of rapid growth.
The 57-year-old has been replaced as general manager by group chair and top lieutenant Zhong Baoshen, according to a stock exchange filing on Monday.
Longi said Li would focus on research and development and other technology efforts. The position of controlling shareholder and “actual controller” — both held by Li — remain unchanged.
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