Enphase Energy CEO Announces Resignation
August 08 2017 - 4:05PM
Enphase Energy, Inc. (NASDAQ:ENPH), a global energy technology
company and the world’s leading supplier of solar microinverters,
announced today that after more than ten years at the helm of the
Company, Paul Nahi is stepping down as President and CEO.
Nahi’s final day with Enphase is today; however, he will
continue to assist Enphase as it transitions to a new leader. The
Company’s Board of Directors has begun a search for a replacement
that includes both internal and external candidates, with the
intention to name a successor by August 31, 2017. In the interim,
the Board has created an Office of the CEO, consisting of Bert
Garcia, CFO, and Badri Kothandaraman, COO, to oversee and provide
leadership for the Company’s day-to-day activities.
“On behalf of the Board, we would like to thank Paul for his
exceptional leadership, and his many years of service to Enphase
and the solar industry,” said Steve Gomo, lead independent director
of Enphase Energy’s Board of Directors. “As the Company’s first and
only CEO, Paul has led Enphase from pioneering the world’s first
microinverter to becoming a leading global provider of energy
management solutions. We appreciate his many contributions and wish
him continued success.”
“It has been an enormous privilege to lead Enphase since
inception and through its growth to become a leading global energy
technology company,” said Paul Nahi. “Our invention of the
microinverter and the introduction of module level data monitoring
has transformed the global solar energy landscape. Having managed
Enphase from a concept through global leadership, I feel the time
is right for a new CEO to continue its growth, while Enphase
increases market share, expands into new geographies and explores
new opportunities. As Enphase continues into its second decade, it
is poised for a future of sustained profitability, having
successfully embraced the challenges of managing operating expenses
while accelerating its investments in next-generation technologies.
I remain passionate about Enphase’s bright future, and I am
confident its best days are yet to come.”
Forward-Looking Statements
This press release may contain forward-looking statements,
including statements related to Enphase Energy's: search for a
replacement President and CEO, continued growth prospects; increase
in market share; expansion into new geographies; and future of
sustained profitability. These forward-looking statements are based
on the company's current expectations and inherently involve
significant risks and uncertainties. Actual results and the timing
of events could differ materially from those anticipated in such
forward-looking statements as a result of these risks and
uncertainties and other risks detailed in the "Risk Factors" and
elsewhere in Enphase Energy's latest Securities and Exchange
Commission filings and reports. Enphase Energy undertakes no duty
or obligation to update any forward-looking statements contained in
this release as a result of new information, future events or
changes in its expectations.
About Enphase Energy, Inc.
Enphase Energy, a global energy technology company, delivers
smart, easy-to-use solutions that connect solar generation, storage
and management on one intelligent platform. The Company
revolutionized solar with its microinverter technology and produces
the world’s only truly integrated solar plus storage solution.
Enphase has shipped approximately 15 million microinverters, and
more than 661,000 Enphase systems have been deployed in more than
100 countries. For more information, visit www.enphase.com.
Enphase Energy®, the Enphase logo and other trademarks or
service names are the trademarks of Enphase Energy, Inc.
Contact
Christina Carrabino
Enphase Energy, Inc.
Investor Relations
ir@enphaseenergy.com
+1-707-763-4784 x7294
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