Longi Green Energy Technology said the Chinese solar panel giant has reshuffled its senior management, with one of its founders resigning as general manager and director.

Li Zhenguo has also left his post as Longi's legal representative, the Xi'an-based firm announced late yesterday. The board has approved Chairman Zhong Baoshen to step in as GM and legal representative, while Li's daughter will likely join as a non-independent director.

Li will continue to lead Longi's research and development efforts as director of the central research institute and chief technology officer of the technology management center, the company noted. The research team will focus on cutting-edge technologies in the photovoltaic industry.

While Li's resignation as GM may seem sudden, there were earlier indicators, a source close to the company told Yicai. "His public appearances and frequency of engagements have decreased significantly in recent years, while his focus on the firm's R&D investments increased."

Li remains the actual controller of Longi, but his work will shift to prioritize R&D, the source pointed out. "It is expected that Longi will subsequently introduce Li's daughter as a director."

The shift in Li's positions will not impact Longi's production and operations, nor will the controlling shareholders or actual controllers change, the company said.

In a separate announcement yesterday, Longi said it plans to hold its 2024 annual general meeting on June 30, with the appointment of Li's daughter, Li Shuxuan, as a non-independent director being one of the items on the agenda.

Born in 1993, Li Shuxuan is a master's graduate in engineering from the University of Hong Kong and has previously worked at the Xi'an branch of China Everbright Bank. She serves as a senior executive at a beauty and nutrition company in Xi'an and as a director at a smart solid waste treatment firm in Dongguan.

Established in 2000 by Li Zhenguo, Zhong Baoshen, and others, Longi shipped 108.46 gigawatts of solar wafers last year, ranking first worldwide for several successive years. It ranked second by solar module shipments.

However, Longi swung into the red with a net loss of CNY8.6 billion (USD1.2 billion) in 2024 from a net profit of CNY10.8 billion (USD1.5 billion) the previous year due to plunging prices.