HONOLULU (AP) — Honolulu-based commercial solar power company Hoku Corp. says its chief executive officer is resigning and that it is exploring selling subsidiary Hoku solar.
Scott Paul has been CEO since 2010. He will resign on June 30 and continue as a director and chairman of a newly formed restructuring committee. The five-member committee will oversee and direct the company's efforts to restructure its liabilities.
Paul says that while the company explores the sale of Hoku Solar, normal operations will continue of the subsidiary, which markets and installs photovoltaic systems.
Last month, the company announced subsidiary Hoku Materials would be laying off about 100 employees at an Idaho manufacturing plant. The Pocatello plant was to have made silicon for solar panels. Construction work at the facility stopped in April.