SunPower CEO resigns, interim leadership in place

RICHMOND, Calif. - SunPower Corp. (NASDAQ: NASDAQ:SPWR), a prominent North American residential solar technology and energy services provider, announced the departure of CEO Peter Faricy, effective as of Monday. The company's board is actively searching for a new CEO and has instituted an Office of the Chairman to oversee operations in the interim.

The Office of the Chairman is led by Tom Werner, the Executive Chairman of the Board and newly appointed Principal Executive Officer. Other key executives, including Chief Financial Officer Elizabeth Eby and Chief Legal Officer Eileen Evans, are part of this temporary leadership structure.

Tom Werner expressed gratitude to Faricy for his contributions to SunPower, highlighting the company's growth in residential solar and consumer financing through SunPower Financial. Werner also emphasized the company's commitment to safety, employee well-being, customer service, and financial discipline aimed at profitability and positive free cash flow.

Werner, with nearly 18 years at SunPower as CEO and Chairman, brings extensive experience to his role as Executive Chairman. The company recently completed a capital raise, and Werner expressed confidence in the Office of the Chairman and the Executive Leadership Team's ability to steer the company during the transition.

SunPower, known for its solar + storage solutions, aims to provide homeowners with control over electricity consumption and cost savings, while also enhancing resilience during power outages.

This announcement is based on a press release statement.