Andrew Beebe, Suntech's (NYSE: STP) Chief Commercial Officer, has resigned, according to reports in Reuters, confirmed by Greentech Media in a conversation with Beebe. Beebe held the post for a number of years and joined Suntech through its acquisition of Energy Innovations' downstream business. Beebe leaves Suntech soon after its founder and CEO, Dr. Zhengrong Shi, left his CEO post. New CEO David King will take over Beebe's customer-centric duties.
Beebe's resignation news also comes on the heels of yesterday's news that the EU will be launching a formal anti-dumping investigation on Chinesesolarpanels. Suntech held the title of world's largest solar panel manufacturer last year, a title it looks to cede to Yingli Green Energy (NYSE: YGE) in 2012.
Suntech's stock price is currently at $0.72 per share, having lost more than 60 percent of its value this year. The firm is struggling amidst a difficult debt situation and allegations of financial impropriety. Last week the firm cut its 2012 shipment forecasts.
Codexis (Nasdaq: CDXS) develops biocatalysts for commercial purposes, currently in the pharmaceutical industry and potentially in the advanced biofuel sector, as per a research agreement with Royal Dutch Shell.
But Codexis just ended its agreement with Shell and lost that funding -- and announced that it will lay off 133 people, more than a third of its staff. The firm also added new CFO. David O’Toole, replacing interim CFO, Brian Dowd, who departed in June.
As Jeff St. John has reported, "The public markets have no love for biofuels and biochemicals right now." Codexis stock is trading at $2.50 and the firm has a market cap of $92.6 million.
Dow Corning named Dan Futter VP of Solar and Wind Energy Solutions, replacing Eric Peeters, who was promoted to VP of Electronics for Dow Corning.