On September 20, 2011, CleanTech Innovations, Inc. (the “Company”) promoted Mr. Sheng Ma, the Company’s Accounting Supervisor, to the position of Chief Financial Officer, replacing Ms. Nan Liu, who voluntarily resigned, effective September 20, 2011. The Company thanks Ms. Liu for her services and notes that Ms. Liu is not resigning because of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.
As the Company’s new Chief Financial Officer, Mr. Ma will be a senior executive of the Company and will report to the Chief Executive Officer. Mr. Ma has signed a standard labor contract with the Company, which shall terminate on August 1, 2012, unless renewed by the Company, and will receive a salary of 8,000 RMB per month. The biography of Mr. Ma follows:
Mr. Sheng Ma, age 59, is a senior accountant in China and has more than 30 years of experience in financial controls, internal controls and accounting management. He has been head of the Company’s accounting department since August 2011. From 2006 to August 2011, Mr. Ma served as a chief accountant at the northeast division of China Power Investment Corporation, one of the five largest state-owned power producers in China. Mr. Ma received his Bachelor's degree in Finance and Economics from Mudanjiang Business College in 1978.