SunPower CFO Manavendra Sial Enters Exit Mode

• SunPower's EVP and CFO Manavendra Sial is to leave the company with effect from September 14, 2022
• VP and Treasurer of SunPower Guthrie Dundas will be the interim CFO till SunPower finds a replacement
• Sial will join energy storage company Fluence Energy as its senior VP and CFO, replacing Dennis Fehr

US residential solar power company SunPower Corporation has announced the departure of its Chief Financial Officer (CFO) Manavendra Sial, who will join Fluence Energy. It appointed current Vice President and Treasurer Guthrie Dundas as the interim CFO while searching for a new one.

SunPower said that his resignation is not due to any disagreement with the company on any mater related to the company's operations, policies or practices, including financial matters.

As Executive Vice President (EVP) and CFO Sial worked with SunPower for over 4 years. He previously worked with Vectra and SunEdison, and has also worked with General Electric (GE) in various capacities. He had replaced Chuck Boynton to the position (see Chuck Boynton To Leave SunPower).

Sial's official exit from the company will come into effect on September 14, 2022. At Siemens and AES joint venture Fluence Energy, Sial will replace Dennis Fehr as senior VP and CFO. Fehr will continue to work with Fluence as a non-executive employee till his departure on October 15, 2022.

At SunPower, as Interim CFO Dundas will ensure a seamless transition until the management finds a replacement. "We expect continued profitable growth with exciting opportunities ahead of us. Guthrie brings a wealth of experience to the role, and I am confident he will help lead the organization through this transition," said SunPower CEO Peter Faricy.

The company confirmed its previous guidance for FY 2022 as $2,000 to $2,400 adjusted EBITDA per customer and 73,000-80,000 incremental customers leading to $90 million to $110 million adjusted EBITDA (see SunPower Declares Q2/2022 Financial Results).