SunPower looking for new CEO as Faricy departs

US residential solar company SunPower Corp (NASDAQ:SPWR) announced on Tuesday that it is searching for a new chief executive officer following the departure of Peter Faricy, which took effect on February 26, 2024.

The board of directors has now formed an Office of the Chairman to handle business operations until a successor is named. It is led by Tom Werner, who returned to the company as executive chairman of the board less than 10 days ago.

Having served as SunPower's CEO and chairman for nearly 18 years in total, Werner left and was replaced by Faricy in April 2021 following the separation of the company's international manufacturing activities into a new business now known as Maxeon Solar. "The time is right for a new leader to take the reins and set the course for SunPower,” he said back then.

Werner returned last week to, as Faricy said at the time, “shepherd SunPower into the future."

Now, Werner has also been appointed principal executive officer and is joined in the new Office of the Chairman by chief finance officer Elizabeth Eby, chief legal officer Eileen Evans, and other key executives.

"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 stated.

This change at the top comes days after SunPower got a crucial capital infusion from its main shareholders.

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