Maxeon Solar Technologies has appointed George Guo as the company’s new CEO
He comes from TCL Communications where he worked as the CEO for 6 years
Bill Mulligan will stay on to aid the leadership transition before he retires at the end of January 2025
Singapore-based Maxeon Solar Technologies has announced a leadership transition with Chief Executive Officer (CEO) Bill Mulligan set to move out of the group as he retires at the end of January 2025. He has been replaced by the former CEO of TCL Communications, George Guo who has also joined the company’s board since October 11, 2024.
Mulligan will stay on to aid the transition, according to the company that was created as a solar PV manufacturing spin-off of the US-based SunPower Corporation. An old hand at SunPower, Mulligan was announced as the CEO of Maxeon in December 2022 (see New CEO for Maxeon Solar).
Guo comes to the Maxeon group with nearly 40 years of experience with various industries and brands including leadership roles at IBM’s Santa Teresa Lab and Zhaodaola Internet. At the mobile and internet company TCL Communications, which handles Alcatel and TCL brands, Guo worked as the CEO for 6 years.
Maxeon’s Chairman of the Board Donald Colvin welcomed Guo to the group saying, “His experience in turnarounds and his proven capabilities in leading teams to commercialize product innovation are extremely relevant to Maxeon's current market position.”
He credits Guo with technology leadership, scaling up high-volume manufacturing, and driving growth in multiple technology business segments in his various roles in corporate strategy, product positioning, go-to-market, supply chain and operations management, among others.
The leadership transition is occurring at a time when Maxeon is going through challenging times for which the company blames a difficult market environment with low module prices and high interest rates and policy changes in the US. Further, it has lost access to its biggest market, the US after its Mexico-produced modules were detained by the US Customs and Border Protection (CBP) under the Uyghur Forced Labor Prevention Act (UFLPA).
The company has also received a delisting notice from the Nasdaq Stock Market. It is now working on a reverse stock split to regain compliance. Meanwhile, China’s TCL TZE has become the controlling shareholder in the company (see Nasdaq Delisting Notice For Maxeon Solar Technologies).
However, Guo knows what he is getting into and seems to have a plan to navigate.
He said, “There is tremendous opportunity to capitalize on the accelerating global transition to renewable energy, even as many companies including Maxeon are challenged to overcome near-term pressure on revenue and profitability.”
Guo added, “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.”