- After less than three years in the position
- Thanks for Faricy
- Responsibilities redistributed
- Search for a successor
(exechange) — Richmond, California, February 27, 2024 — Peter Faricy, chief executive of SunPower, leaves his position. As announced by SunPower Corp. in a news release and in a regulatory filing published on Tuesday, February 27, 2024, Peter Faricy has left his post as chief executive officer at the residential solar technology and energy services provider, after less than three years in the role, effective February 26, 2024.
Generally speaking, it raises questions when a CEO leaves his post abruptly and after a short tenure.
SunPower will undertake a search for a successor.
Following Peter Faricy’s departure, the position of Chief Executive Officer will not be filled for the time being. Peter Faricy’s responsibilities are being redistributed.
No reason given
In the announcement, SunPower did not explicitly explain the reason for the move.
Precise information regarding Peter Faricy’s future plans was not immediately available.
“Departed/resignation”
SunPower said: “Chief Executive Officer (CEO) Peter Faricy has departed the Company, effective February 26, 2024.”
SunPower further said: “On February 26, 2024, the Board of Directors (the “Board”) of SunPower Corporation (the “Company”) accepted the resignation of Peter Faricy, the Company’s Chief Executive Officer and principal executive officer, effective as of February 26, 2024.”
“Not the result of any disagreement”
SunPower stated, regarding the change: “In connection with resignation from his employment, Mr. Faricy also resigned from his position as a member of the Board. The resignation was not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies, or practices.”
Share price decline since April 2021
The announcement follows a decline in SunPower Corp.’s share price of 91% since April 2021. April 2021 is the month in which Faricy’s tenure as CEO began.
In the position of CEO since 2021
Peter Faricy became CEO of the Company in 2021.
Peter Faricy has served as the Company’s president and chief executive officer and as a member of the Board since April 2021, and chair of the Board since November 2021.
Peter Faricy joined the Company as president and chief executive officer on April 19, 2021.
Faricy previously served as chief executive officer, Global Direct-to-Consumer, of Discovery Inc. from September 2018 to August 2020, overseeing businesses including Discovery+, Food Network Kitchen, Magnolia, Eurosport Player, and GOLFTV.
Prior to Discovery, Faricy spent 13 years with Amazon.com, Inc., most recently as vice president leading the Amazon Marketplace from January 2009 to September 2018.
From July 2006 to January 2009, he served as Amazon’s vice president, music and movies. Prior to Amazon, Faricy held management roles at Borders Group, Ford Motor Company, and McKinsey & Co.
He received his MBA with distinction from the University of Michigan and his B.A. in business administration from Michigan State University.
Faricy has served on the University of Michigan Ross School of Business Advisory Board since 2013 and served on the board of directors of Blue Apron Holdings, Inc. from 2020 to 2022.
No statement by Peter Faricy
In the release announcing his departure as CEO of SunPower Corp., Peter Faricy received thanks.
The announcement of his departure as CEO does not include a statement by Peter Faricy.
The above text is an excerpt from the exechange report 10.2024 ($), publication date March 4, 2024.