SolarWorld Americas acquisition by SunPower is expected to finalize in the next few months, but the former has already started with its management transition phase, replacing its CEO. (Photo Credit: SolarWorld Americas Inc.)
- SolarWorld Americas has started pre-integration management transition to prepare for its impending acquisition by SunPower
- President and CEO Juegner Stein has stepped down to assume a full-time advisory role until June 30, 2018
- He has been replaced immediately by John Boken, a Senior Managing Director with Zolfo Cooper LLC and a member of the SolarWorld Board of Directors
- Boken will lead the company as Interim CEO through the transition period until the acquisition is final
In anticipation of its impending acquisition by American module maker SunPower Corp., SolarWorld Americas has begun the pre-integration management transition phase. And it has decided to start from the top. Its President and CEO Juergen Stein has stepped down and assumes a full-time advisory position effective May 14, 2018.
Stein hands over his responsibilities to a member of the SolarWorld Americas’ Board of Directors, and a Senior Managing Director with Zolfo Cooper LLC, John Boken.
Stein will remain with SolarWorld Americas through June 30, 2018. As interim CEO, Boken will lead SolarWorld Americas’ integration planning team and will be responsible for overseeing the day-to-day operations of the company as he . An expert in the sale and transition of businesses in a variety of industries, Boken will drive his management team and advisors to facilitate the close of the SunPower transaction.
“I believe that now is the right time for me to turn over the final phase of our sale process to John Boken, whose vast experience in transitional situations is perfectly suited to our leadership needs,” said Stein. “We are fortunate that he is available to step into this role.”
SunPower announced the acquisition of SolarWorld Americas in April 2018 with the aim to have a manufacturing base in its home turf (see SunPower Acquires SolarWorld Americas). The acquisition is expected to close in the next few months, post necessary regulatory approvals from US and German authorities.