Maxeon Appoints Former TCL Executive as New CEO

Maxeon, a Singapore-based solar manufacturer, is set to appoint George Guo as its new CEO, taking over from Bill Mulligan, who will retire at the end of January 2025. Guo previously worked at TCL Communication Technology, a subsidiary of TCL Group, which is also the largest shareholder of Maxeon through TCL Zhonghuan Renewable Energy Technology Co. Ltd. This company invested nearly $200 million into Maxeon earlier this year to stabilize its operations after facing disappointing financial results.

Mulligan characterized this investment as a "backstop," expressing optimism about the company's future. However, Maxeon has experienced difficulties, including a proposed delisting from Nasdaq due to declining stock prices and consecutive financial losses—reporting $7.8 million in Q2 2024 and a more significant $14.9 million in Q1, attributed to delayed financial reporting.

Maxeon has launched multiple patent lawsuits against other solar manufacturers for alleged infringements of its technology, particularly concerning back contact and tunnel oxide passivated contact (TOPCon) solar technology. Mulligan has been vocal about the challenges of technological copying, asserting that it's unfair competition.

In his new role, Guo expressed excitement about joining Maxeon at a pivotal moment for the company and the industry. “There is tremendous opportunity…even as many companies including Maxeon are challenged to overcome near-term pressure on revenue and profitability."

“Our advantages include world-leading technology…a deep patent portfolio, and key strategic partnerships.

By improving our efficiency, reducing costs, and providing an optimal combination of performance, reliability, and value in our solar products, I intend for Maxeon to be the partner of choice for solar solutions going forward and come through this current downturn in a strong position.”