Board establishes Office of the Chairman to
lead business operations as Peter
Faricy departs
Board is conducting a comprehensive CEO
search
RICHMOND, Calif., Feb. 27,
2024 /PRNewswire/ -- SunPower Corp. (NASDAQ: SPWR),
(the "Company" or "SunPower"), a leading residential solar
technology and energy services provider, today announced that Chief
Executive Officer (CEO) Peter Faricy
has departed the Company, effective February
26, 2024. The Board is conducting a comprehensive search
process to identify a permanent CEO. Until a successor is named,
the Board has established an Office of the Chairman, led by
Tom Werner, Executive Chairman of
the Board and newly appointed Principal Executive Officer; and
includes Elizabeth Eby, Chief
Financial Officer; Eileen Evans,
Chief Legal Officer; and other key members of the Executive
Leadership Team.
"On behalf of the Board, I want to thank Peter for his
contributions to SunPower and advancing our mission of changing the
way our world is powered," said Werner. "Over the past three years,
SunPower has made strides toward expanding the footprint of
residential solar, capturing a market-leading position in the new
homes business and expanding consumer financing for solar through
SunPower Financial. I am confident in our Office of the Chairman
and our Executive Leadership Team's abilities to lead us through
this transitional period while we search for a new CEO."
Werner continued, "We remain committed to putting safety and our
employees first, so that we can continue delivering the highest
levels of service to our customers and partners. Importantly, we
will also continue to build an even stronger operating discipline
as we focus on profitability and achieving positive free cash flow.
Now, following the Company's recent capital raise, we look
forward to getting back to doing what SunPower does best and
building an even more sustainable, resilient, and agile
business."
Werner was recently named SunPower's Executive Chairman of the
Board. He brings valuable institutional knowledge from his nearly
18 years of service as the Company's CEO and Chairman of the
Board.
About SunPower
SunPower (NASDAQ: SPWR) is a leading residential solar, storage and
energy services provider in North
America. SunPower offers solar + storage solutions that give
customers control over electricity consumption and resiliency
during power outages while providing cost savings to homeowners.
For more information, visit www.sunpower.com.
Forward Looking Statement
This release includes information that constitutes forward-looking
statements. All statements, other than statements of historical
fact, are forward-looking statements for purposes of the U.S.
federal and state securities laws. Forward-looking statements often
address expected future business and financial performance, and
often contain words such as "believe," "expect," "anticipate,"
"intend," "plan," or "will" or the negative thereof or other
variations thereof or comparable terminology. By their nature,
forward-looking statements address matters that are subject to
risks and uncertainties. Any such forward-looking statements may
involve risk and uncertainties that could cause actual results to
differ materially from any future results encompassed within the
forward-looking statements. Examples of such forward-looking
statements include, but are not limited to, statements regarding
the Company's ability to navigate industry headwinds and the
Company's ability to build a more sustainable, resilient and agile
business. Factors that could cause or contribute to such
differences include, but are not limited to, the Company's ability
to obtain further waivers and consents under the Company's credit
facilities, and the timing and outcome thereof; the Company's
ability to comply with debt covenants or cure any defaults; the
Company's ability to repay our obligations as they come due; and
the risks and other important factors discussed under the caption
"Risk Factors" in the Company's Annual Report on Form 10-K/A for
the fiscal year ended January 1, 2023
and the Quarterly Report on Form 10-Q for the quarterly period
ended October 1, 2023, and the
Company's other filings with the SEC. The Company cautions you that
the list of important factors included in the Company's filings
with the SEC may not contain all of the material factors that are
important to you. In addition, in light of these risks and
uncertainties, the matters referred to in the forward-looking
statements contained in this press release may not in fact occur.
These forward-looking statements should not be relied upon as
representing the Company's views as of any subsequent date, and the
Company is under no obligation to, and expressly disclaims any
responsibility to, update or alter its forward-looking statements,
whether as a result of new information, future events, or
otherwise, except as required by applicable law.
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SOURCE SunPower Corp.