POSTED: 1:31 p.m. HST, Jun 15, 2012
Hoku Corp., a Honolulu-based solar energy company, said today CEO Scott Paul will resign on June 30 and the company is looking for a buyer of its Hoku Solar subsidiary.
"Jeremy" Xiaoming Yin, the company's president since early 2011, will take over as CEO.
Paul will continue as chairman of a new five-member committee to oversee and direct the company's efforts to restructure its liabilities.
"One purpose of the restructuring committee is to ensure independent oversight of the restructuring process," said Paul in a news release. "In order to dedicate the proper focus and attention to this responsibility, I have decided to step down as CEO. I have the utmost confidence in Jeremy's ability to lead Hoku."
Hoku Solar is a wholly owned subsidiary that markets and installs photovoltaic systems and provides related services in Hawaii.
"While we explore this opportunity, Hoku Solar will continue normal operations as a provider of investment-grade PV in Hawaii," said Paul. "Under the continuing leadership of Jerrod Schreck, Hoku Solar remains focused on developing and delivering value-engineered, top-performing solar energy facilities for its commercial, institutional and utility clients. Hoku Solar is actively building several of the largest utility-scale photovoltaic projects in the State of Hawaii, and we believe there is substantial value that could be realized for the benefit of Hoku Corporation's stakeholders."
Hoku's shares closed today at 15.71 cents, up 0.41 cent for the day. It reached a 52-week low of 7.39 cents on May 29.