A company announces that its CFO, another key finance official, and a third executive are departing — and Wall Street appears unconcerned?
Yes, and in fact, “overjoyed” might be a better word. After Solarfun Power Holdings announced the skake-up Thursday morning, its shares shot up more than 25 percent on higher-than-usual volume in the next few hours.
Solarfun, which is based in Shanghai and has offices worldwide, has replaced departing CFO Kevin Wei, whose employment contract expired on October 31, with Amy Jing Liu. Principal accounting officer Ru Cai, whose employment contract also expired a month ago, has left the company, and Fei Yun resigned as director of technology.
The company did not provide explanations for the changes, which came at the same time Solarfun announced very strong results for the third quarter and raised its 2007 full-year guidance. Solarfun could not immediately be reached for comment.
Liu has broad finance and operations management experience with large multinational companies, having previously worked at Thermo Fisher Scientific and DuPont.