SAN JOSE, Calif., March 25, 2021 /PRNewswire/ -- SunPower
(NASDAQ:SPWR) today announced that it will name Peter Faricy as chief executive officer (CEO),
following Tom Werner's decision to
retire from the company. Faricy will assume his new position
effective April 19, 2021. To ensure a
smooth transition, Werner will continue in his role
of chairman of the board of directors, planned to be
six months. At the end of this period, the intent of the board
of directors is to recombine the positions of chairman of the
board and CEO.
"I've had an incredible opportunity to lead an outstanding team
at SunPower and to collectively help change the way our world is
powered over the course of the past 18 years," said Tom Werner, SunPower CEO and chairman of the
board. "The time is right for a new leader to take the reins and
set the course for SunPower, especially as we enter a new era of
energy solutions and services for our customers. Peter's deep
experience creating disruptive sales channels, delivering
incredible customer experiences and building iconic brands make him
the right person to lead SunPower's next chapter."
"SunPower is a company known for its innovative spirit and track
record as a leader in solar and now storage. The opportunity to
help the company maximize its potential in a new era of energy is
exciting and incredibly meaningful," said Peter Faricy, in-coming SunPower CEO. "While
solar has seen impressive growth over the past decade, the industry
still has a tremendous opportunity to meet the needs of consumers
looking for more reliable, more affordable and cleaner energy. We
have a bright future ahead."
Faricy most recently served as CEO of Global Direct-to-Consumer
for Discovery, Inc., overseeing businesses including Discovery+,
Food Network Kitchen, Magnolia, Eurosport Player and GOLFTV. Prior
to Discovery, Faricy spent 13 years at Amazon, most recently as
vice president leading the Amazon Marketplace. Under Faricy's
leadership, Amazon disrupted the digital sales channel, helping
millions of small businesses sell their products directly to Amazon
customers.
Faricy holds a bachelor's degree in marketing from Michigan State University and a Master of Business
Administration from the University of
Michigan's Stephen M. Ross
School of Business. Since October
2020, he has served on the board of Blue Apron and since
2013 on the University of Michigan Ross
School of Business Advisory Board.
During Werner's tenure, SunPower became a publicly-listed
company in November 2005, saw a
transformational investment from TOTAL SE and has seen significant
business growth and technology advancements. Thanks to the tireless
efforts of the company's dedicated employees, SunPower ultimately
created two solar energy solution leaders with the spin-off of
Maxeon Solar Technologies last August. Following his time at
SunPower, Werner plans to pursue strategic investing in
purpose-driven start-ups and participate in efforts to work towards
a more diverse and equitable future.
"Tom, through the 18 years he dedicated to SunPower, has been a
strong leader who has led the company to become one of the main
players of the U.S. distributed solar market," said Patrick
Pouyanné, chairman of the board and CEO of Total. "Peter's joining
the company is a great new asset to SunPower. His unique expertise
and skills will allow SunPower to further expand its customer
approach and offerings in the U.S. market, bringing them to a new
level."
"Tom has worked tirelessly on the front lines of the solar
revolution for many years, helping to shape the future of solar,
renewables and the energy industry," said Thomas McDaniel, SunPower's lead independent
director. "We're pleased that he will continue to serve as chairman
of the board. For decades, SunPower has been an innovative leader
and Peter's unique-to-the-industry expertise will expand on that
tradition and strengthen the SunPower customer experience."
The company remains confident in achieving its previously
disclosed fiscal first quarter 2021 guidance. While Faricy begins
April 19, 2021, Werner will
discuss the company's fiscal performance during its first quarter
2021 earnings conference call.
About SunPower
Headquartered in
California's Silicon Valley,
SunPower (NASDAQ:SPWR) is a leading Distributed Generation Storage
and Energy Services provider in North
America. SunPower offers the only solar + storage solution
designed and warranted by one company that gives customers control
over electricity consumption and resiliency during power outages
while providing cost savings to homeowners, businesses,
governments, schools and utilities. For more information, visit
www.sunpower.com.
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
including, but not limited to, statements regarding Faricy's
succession as chief executive officer, plans for our board of
directors' composition, including the chairmanship, our
expectations for our industry and market factors, and our guidance
for the first fiscal quarter of 2021. These forward-looking
statements are based on our current assumptions, expectations and
beliefs and involve substantial risks and uncertainties that may
cause results, performance or achievement to materially differ from
those expressed or implied by these forward-looking statements.
Factors that could cause or contribute to such differences include,
but are not limited to competition in the solar and general energy
industry and downward pressure on selling prices and wholesale
energy pricing; regulatory changes and the availability of economic
incentives promoting use of solar energy; and challenges in
executing transactions key to our strategic plans, including
regulatory and other challenges that may arise. A detailed
discussion of these factors and other risks that affect our
business is included in filings we make with the Securities and
Exchange Commission (SEC) from time to time, including our most
recent report on Form 10-K, particularly under the heading "Risk
Factors." Copies of these filings are available online from
the SEC or on the SEC Filings section of our Investor Relations
website at investors.sunpower.com. All forward-looking statements
in this press release are based on information currently available
to us, and we assume no obligation to update these forward-looking
statements in light of new information or future events.
© 2021 SunPower Corporation. All Rights Reserved. SUNPOWER and
the SUNPOWER logo are trademarks or registered trademarks of
SunPower Corporation in the U.S. All other logos and trademarks are
properties of their respective owners.
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SOURCE SunPower Corp.