LDK Solar Announces Resignation of Independent Director

LDK Solar Co., Ltd. LDK today announced (i) the resignation yesterday of Mr. Louis Tung-jung Hsieh, formerly an independent director, from its board of directors and (ii) the appointment today of Mr. Maurice Wai-fung Ngai as an independent director to fill the vacancy created by Mr. Hsieh. Mr. Bing Xiang will take up the role as the acting chairman of the audit committee of the LDK board in place of Mr. Hsieh until Mr. Ngai assumes the chairmanship. Mr. Ngai has signed a service agreement with LDK Solar today. Mr. Ngai is joining the LDK Solar board as a class I director with an initial term to expire upon the conclusion of the annual general meeting of the LDK Solar shareholders later this year and is eligible for re-election for a term of three years at such annual general meeting. Effective today, the audit committee of the board of directors of LDK Solar will consist of the following three independent directors: Mr. Bing Xiang (acting chairman and audit committee financial expert), Mr. Liang Junwu and Mr. Maurice Ngai (audit committee financial expert). Immediately upon the conclusion of the annual general meeting of the LDK Solar shareholders later this year and upon his re-election as an independent director, Mr. Ngai will serve as the chairman of the audit committee. Mr. Ngai, currently managing director and founder of MNCOR Consulting Limited, an independent specialty corporate service company, is a fellow of the Hong Kong Institute of Chartered Secretaries and the Institute of Chartered Secretaries and Administrators in the United Kingdom, a member of the Hong Kong Institute of Certified Public Accountants and a member of the Association of Chartered Certified Accountants in the United Kingdom and fellow of Hong Kong Institute of Directors and member of Hong Kong Securities Institute. Similarly, effective today, Mr. Ngai will replace Mr. Hsieh as a member of the compensation committee and the corporate governance and nominating committee of the LDK Solar board.