SunPower (SPWR) shares fall as CEO departs

February 27, 2024 10:07 AM EST

SunPower (NASDAQ: SPWR) shares dropped more than 3% Tuesday after the company announced that chief executive officer (CEO) Peter Faricy has left the role, effective February 26, 2024.

Faricy took over as the company's CEO in 2021.

SunPower is now conducting a search process to identify a permanent CEO. However, until a successor is named, they have "established an Office of the Chairman, led by Tom Werner, executive chairman of the board and newly appointed principal executive officer."

It also includes Elizabeth Eby, CFO, Eileen Evans, chief legal officer; and other key members of the company's 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."

By Sam Boughedda

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