On August 3, 2023, Daqo New Energy announced Chairman and Founder, Mr. Guangfu Xu, will step down from his position as Chairman of the Board of Directors (the “Board”), effective immediately, but will remain as a director on the Board. The Company also announced Mr. Longgen Zhang will step down as Chief Executive Officer and a director of the Company with immediate effect due to personal reasons.
On this news, the price of Daqo New Energy stock fell $1.71, or 4.74%, to close at $34.34 on August 3, 2023.