Shoals Technologies Group, Inc. Announces CEO Succession Plan
November 30 2022 - 4:05PM
Shoals Technologies Group, Inc. (“Shoals” or the “Company”)
(Nasdaq: SHLS), a leading provider of electrical balance of system
(“EBOS”) solutions for solar, battery storage and electric vehicle
charging infrastructure, today announced that its Chief Executive
Officer, Jason Whitaker, has informed the Board of Directors that
he intends to step down from his role as Chief Executive Officer
for health reasons in early 2023. Mr. Whitaker will remain with the
Company in an advisory role until mid-March 2023. Brad Forth,
Chairman of the Board of Shoals, is leading the Board search for a
new CEO, with the assistance of executive search firm Spencer
Stuart. Mr. Whitaker expects to continue serving on the Board of
Directors during this transition period.
“We are grateful to Jason for his contributions
to Shoals over his 13-year tenure with the Company, and we
appreciate his continued commitment while we identify his
replacement. The significant investments we have made in people and
processes over the past several years leave us well prepared for a
transition. Shoals’ business has never been stronger and I am
confident we will be able to attract top talent to the Company,”
said Brad Forth, Chairman of the Board of Shoals.
“I am proud that I will leave the Company in the
best position it has ever been, with more customers, adjusted
EBITDA and backlog than at any time in its history. I will work
closely with our executive leadership team and Board over the next
several months to ensure a smooth transition to the new CEO. It has
been an honor to lead Shoals, and I am truly grateful to all of our
customers, employees, shareholders, and vendors for their support.
None of our success would have been possible without them,” added
Jason Whitaker, Chief Executive Officer of Shoals.
About Shoals Technologies Group,
Inc.Shoals Technologies Group, Inc. is a leading provider
of electrical balance of systems (EBOS) solutions for solar,
storage, and electric vehicle charging infrastructure. Since its
founding in 1996, the Company has introduced innovative
technologies and systems solutions that allow its customers to
substantially increase installation efficiency and safety while
improving system performance and reliability. Shoals Technologies
Group, Inc. is a recognized leader in the renewable energy industry
whose solutions are deployed on over 20 GW of solar systems
globally. For additional information, please visit:
https://www.shoals.com.
Contacts Investors:Email:
investors@shoals.com Phone: 615-323-9836
Media:Email: media@shoals.com
Forward-Looking StatementsThis
press release contains forward-looking statements that are based on
our management’s beliefs and assumptions and on information
currently available to our management. Forward-looking statements
include information concerning our Chief Executive Officer
succession, including Mr. Whitaker’s plans and the search for a new
CEO, our possible or assumed future results of operations, business
strategies, technology developments, financing and investment
plans, dividend policy, competitive position, industry and
regulatory environment, potential growth opportunities and the
effects of competition. Forward-looking statements include
statements that are not historical facts and can be identified by
terms such as “anticipate,” “believe,” “could,” “estimate,”
“expect,” “intend,” “may,” “plan,” “potential,” “predict,”
“project,” "seek," “should,” “will,” “would” or similar expressions
and the negatives of those terms.
Forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause our
actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements. These risks
and uncertainties include changes to Mr. Whitaker’s circumstances,
inability to find a new CEO, the impact of the announcement of the
succession on the Company’s stock and its employees, suppliers and
customers, and other risks and uncertainties described in the
Company’s most recent Annual Report on Form 10-K and subsequent
filings with the Securities and Exchange Commission. Given these
uncertainties, you should not place undue reliance on
forward-looking statements. Also, forward-looking statements
represent our management’s beliefs and assumptions only as of the
date of this report. You should read this press release with the
understanding that our actual future results may be materially
different from what we expect.
Except as required by law, we assume no
obligation to update these forward-looking statements, or to update
the reasons actual results could differ materially from those
anticipated in these forward-looking statements, even if new
information becomes available in the future.
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