FTC Solar CEO Sean Hunkler leaves

  • After about two years in the position
  • Thanks and good wishes for Hunkler
  • Responsibilities redistributed

(exechange) — Austin, Texas, November 8, 2023 — Sean Hunkler, chief executive of FTC Solar, leaves his position. As announced by FTC Solar Inc. in a news release and in a regulatory filing published on Wednesday, November 8, 2023, Sean Hunkler has left his post as chief executive officer at the provider of solar tracker systems, after about two years in the role, effective November 2, 2023.

Generally speaking, it raises questions when a CEO leaves his post abruptly and after a short tenure.

Following Sean Hunkler’s departure, the position of Chief Executive Officer will not be filled for the time being. Sean Hunkler’s responsibilities are being redistributed.

Sean Hunkler’s move coincides with a management shake-up also involving the position of Chief Financial Officer.

Also on November 2, 2023, Robert Phelps Morris and the Board agreed that Morris would step down from his position as Chief Financial Officer of the Company, effective as of such date, with Morris continuing to be employed as an advisor until December in order to ensure a smooth transition.

“Accelerate momentum”

The management change is explained as follows. Shaker Sadasivam, Chairman of the Board of FTC Solar, stated: “Much of the last two years has been about repositioning the company to be in the right markets with the right technology and cost structure to enable our profitable return to above-market growth rates. We have made progress on that front and improved our positioning. With a healthy and profitable tracker market, it’s time for FTC’s results to reflect its improved positioning with healthy, profitable growth. As the Board evaluated opportunities to accelerate momentum, we’ve agreed that now is the right time to bring new leadership to FTC Solar as we enter our next phase of growth and execution.”

Precise information regarding Sean Hunkler’s future plans was not immediately available.

“Departed/step down”

FTC Solar said: “Sean Hunkler and Phelps Morris have departed their roles as CEO and CFO, respectively, and will be leaving the company in December 2023.”

FTC Solar further said: “On November 2, 2023, Sean Hunkler and the Board of Directors of the Company (the “Board”) agreed that Mr. Hunkler would step down from his position as President and Chief Executive Officer of the Company, effective as of such date, with Mr. Hunkler continuing to be employed as an advisor until December in order to ensure a smooth transition.”

“Not related to any disagreement”

FTC Solar stated, regarding the change: “Mr. Hunkler’s departure is not related to any disagreement with the Company.”

FTC Solar further stated: “Mr. Morris’s departure is not related to any disagreement with the Company.”

Share price decline since November 2022

The announcement follows a decline in FTC Solar Inc.’s share price of 41% since November 2022.

In the position of CEO since 2021

Sean Hunkler became CEO of the Company in 2021.

Sean Hunkler has served as the Company’s President and Chief Executive Officer since September 2021.

Prior to joining the Company, Hunkler worked with Western Digital since August 2018, most recently serving as the Executive Vice President of Global Operations, and having previously served as the Senior Vice President, Global Operations, and as the Senior Vice President, Manufacturing Operations.

Prior to that, Hunkler served as Chief Operating Officer of Nexperia Semiconductors, a global semiconductor manufacturer created after its divestiture from NXP Semiconductors, from February 2017 to August 2018.

From July 2012 to February 2017, he served as Executive Vice President, Global Operations of NXP Semiconductors, a global semiconductor manufacturer.

Hunkler also served in senior leadership roles at Freescale Semiconductor, Motorola and SunEdison (formerly MEMC Electronic Materials).

He holds a Master of Business Administration degree from the University of Texas at Austin and a Bachelor of Science degree in Chemical Engineering from The Johns Hopkins University.

No statement by Sean Hunkler

In the release announcing his departure as CEO of FTC Solar Inc., Sean Hunkler received thanks and good wishes.

The announcement of his departure as CEO does not include a statement by Sean Hunkler.

Push-out Score for Sean Hunkler’s move determined

The Push-out Score indicates on a scale of 0 to 10 how likely it is that Sean Hunkler was pushed out or felt pressure to leave his position.

exechange reached out to FTC Solar and offered the company the opportunity to comment on the score.

Read the full story in the exechange report 46.2023 ($).