Shares of SunPower (SPWR) - Get SunPower Corporation Report dropped slightly on Thursday after the solar panel seller said current chairman and CEO Tom Werner will retire from the company after 18 years.
Werner "has been a strong leader who has led the company to become one of the main players of the U.S. distributed solar market," said Patrick Pouyanne, chairman and CEO of Total (TOT) - Get Total SA Sponsored ADR Class B Report, the largest shareholder in SunPower.
The company has appointed former Discovery (DISCA) - Get Discovery, Inc. Class A Report streaming chief and long-time Amazon (AMZN) - Get Amazon.com, Inc. Report veteran Peter Faricy to succeed Werner as CEO as of April 19. Werner will continue in his role of chairman of the board of directors for the next six months, after which the company plans to have Faricy also take on that role, pending board approval.
"Peter's joining the company is a great new asset to SunPower. His unique expertise and skills will allow SunPower to further expand its customer approach and offerings in the U.S. market, bringing them to a new level," added Pouyanne.
Faricy is the former CEO of Discovery's global direct-to-consumer businesses. Prior to Discovery, Faricy spent 13 years at Amazon, most recently as vice president leading the Amazon Marketplace.
Shares of SunPower were falling 1.4% to $30.25 at last check.
"The time is right for a new leader to take the reins and set the course for SunPower, especially as we enter a new era of energy solutions and services for our customers," Werner said in a statement.
"Peter's deep experience creating disruptive sales channels, delivering incredible customer experiences and building iconic brands make him the right person to lead SunPower's next chapter," Werner added.
"While solar has seen impressive growth over the past decade, the industry still has a tremendous opportunity to meet the needs of consumers looking for more reliable, more affordable and cleaner energy. We have a bright future ahead," Faricy said in a statement.
The maker of solar panels and systems remains confident in achieving its previously disclosed fiscal first quarter 2021 guidance which was issued Feb. 17.