Looks like it is the season of departures for people in Chief Financial Officer (CFO) profiles in the solar industry. Latest in line is the CFO of SunPower Corporation. Charles D. Boynton, popular as Chuck Boynton, has decided to leave the company to spend time with his family, before he is ready to pursue career opportunities later during the year.
Since the beginning of this month, three public companies in the PV sector announced the departure of their CFOs. ReneSola's Maggie Ma left the organization in March 2018 (see ReneSola CFO Change Update). JA Solar's CFO Herman Zhao resigned with immediate effect also in March (see JA Solar CFO Resigns). Germany's Manz let go its CFO Gunnar Voss von Dahlen for holding differing views on strategic direction of the company (see Manz Dismisses CFO).
Boynton will transition responsibilities to the new CFO Manavendra Sial over the next couple of months. At SunPower, Sial will lead the company's global finance, planning and accounting organizations. His appointment will be effective following the filing of the SunPower's Q1/2018 financials.
Sial was until recently the CFO for technology-driven industrial firm Vectra. He was previously with another solar company, SunEdison, in various global finance and operations leadership roles from 2011 to 2015, and before that with General Electric (GE).
Boynton will also continue as the CEO of SunPower's JV yielco 8point3 Energy Partners until it is sold to investment firm Capital Dynamics, Inc. (see Capital Dynamics To Acquire 8point3).
"He (Chuck) will conclude his time with SunPower closing the sale of 8point3 Energy Partners along with completing the sale of other assets, which will improve our liquidity, allow us to deliver our balance sheet and provide the resources necessary to further invest in our core growth initiatives," said SunPower CEO and Chairman Tom Werner. "His knowledge of the energy business will allow him to bring value to the position on day one and continue our prioritization of financial operations and cost savings programs."
SunPower recently made news with its acquisition of SolarWorld Americas to be able to have a US manufacturing base (see SunPower Acquires SolarWorld Americas).