SunPower undergoing CEO shakeup

(Photo by Giorgio Trovato on Unsplash)

SunPower, a residential solar technology and energy services provider, announced that CEO Peter Faricy has departed the company effective February 26, 2024, with the board now conducting a search process to identify a permanent CEO.

In the interim, the board has established an Office of the Chairman, led by Tom Werner, Executive Chairman of the Board and newly appointed Principal Executive Officer; and includes Elizabeth Eby, Chief Financial Officer; Eileen Evans, Chief Legal Officer; and other key members of the Executive Leadership Team.

“On behalf of the Board, I want to thank Peter for his contributions to SunPower and advancing our mission of changing the way our world is powered,” said Werner. “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. 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.”

Earlier this month, SunPower announced it has raised $175 million in capital financing through a second-lien term loan, following a debt fiasco that can be traced back to an inventory reporting error. Before that announcement, SunPower said it had received additional waiver extensions from Atlas Securitized Products Holdings, L.P., and Bank of America, providing for the extension of the latest temporary waivers until February 16.

In December 2023, SunPower announced it had breached a credit agreement due to late financial reporting caused by a subsidiary’s inventory reporting error, per Reuters, which allowed its lenders to immediately demand the repayment of its $65 million debt. The company soon received a waiver from its lenders preventing technical default and providing $75 million in funding, extending the timeframe for repayment. SunPower said it would likely not be able to continue operations if it was not able to secure more funding.