Founder of Hoku, Dustin Shindo, Stepping Down as Chairman, President, and CEO
Hoku Scientific, Inc., a materials science company focused on clean energy technologies, announced that Dustin Shindo is stepping down as Chairman, President, and Chief Executive Officer, effective March 31, 2010. Scott Paul, Hoku’s Chief Operating Officer, has been unanimously approved by the board of directors to succeed Shindo as President and CEO and has been nominated to serve on the board of directors effective April 1, 2010. Shindo plans to continue advising Hoku on strategic and other matters as requested in a consulting capacity.
Shindo co-founded Hoku in 2001 to develop novel fuel cell technology, and has served as Chairman, President, and CEO since the company’s inception. Shindo successfully took Hoku public on the Nasdaq Global Market in 2005, led the company into its solar and polysilicon diversification strategy in 2006, pre-sold $1.8 billion of future polysilicon output, and led the development of Hoku’s $390 million polysilicon plant in Pocatello, Idaho, which is scheduled to make its first commercial delivery in the first half of 2010. In 2009, Shindo successfully negotiated the majority investment by Tianwei New Energy Co., Ltd..
Commenting on Shindo’s resignation, Dr. Karl Stahlkopf, a member of Hoku’s board of directors since 2002, said, "Mr. Shindo showed uncommon vision and leadership as Hoku’s CEO, especially considering the recent global credit crises and broad economic challenges. We are grateful for his years of service, and we look forward to his continued work as a trusted advisor."
Citing personal reasons and a desire to transition management to the next generation of Hoku’s leadership as his reasons for stepping down, Shindo said, "This was a difficult decision for me, but one made more easy knowing that Scott will assume the CEO role, and by the board’s desire and willingness for me to continue in an advisory capacity. Scott and I have served together at Hoku for almost seven years, and I am extremely impressed by his management skills and his vision for the company. I have absolute confidence in Scott’s ability to achieve Hoku’s goals and to continue growing the company’s culture and business."
