Days after bringing back the company's former Chief Executive Officer (CEO) of 18 years Tom Werner, US residential solar power company SunPower Corporation has announced the departure of its current CEO Peter Faricy.
While no reason was given for Faricy's abrupt departure effective February 26, 2024, the management thanked him for his contributions.
Werner was brought back as the executive chairman of the SunPower board, while Faricy was said to continue as a director (see SunPower Brings Back Former CEO Of 18 Years).
The board is now looking for a permanent CEO. Till then, it has set up an Office of the Chairman, led by Werner, who is now also the company's Principal Executive Officer. The office also includes Chief Financial Officer (CFO) Elizabeth Eby, Chief Legal Officer Eileen Evans, and other members of the executive leadership team.
"Over the past three years, SunPower has made strides toward expanding the footprint of residential solar, capturing a market-leading position in the new homes business and expanding consumer financing for solar through SunPower Financial," said Werner. "I am confident in our Office of the Chairman and our Executive Leadership Team's abilities to lead us through this transitional period while we search for a new CEO."
Werner's appointment followed a capital infusion from TotalEnergies and Global Infrastructure Partners (GIP) after the company expressed its ability to stay in business. The Executive Chairman said the company's focus will now be on profitability and achieving positive cash flow.
Recently, SunPower also announced over $300 million in project financing commitments from funds managed by Apollo, ATLAS SP Partners and Hannon Armstrong Sustainable Infrastructure Capital (HASI) for its residential solar and storage lease programs.
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