SunPower appointed Peter Faricy as Chief Executive Officer (CEO), following Tom Werner's decision to retire from the company. Faricy will assume his new position effective April 19, 2021. To ensure a smooth transition, Werner will continue in his role of Chairman of the board of directors, planned to be six months. At the end of this period, the intent of the board of directors is to recombine the positions of chairman of the board and CEO.

"I've had an incredible opportunity to lead an outstanding team at SunPower and to collectively help change the way our world is powered over the course of the past 18 years," said Tom Werner, SunPower CEO and chairman of the board. "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. 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."

Faricy most recently served as CEO of Global Direct-to-Consumer for Discovery, Inc., overseeing businesses including Discovery+, Food Network Kitchen, Magnolia, Eurosport Player and GOLFTV. Prior to Discovery, Faricy spent 13 years at Amazon, most recently as vice president leading the Amazon Marketplace. Under Faricy's leadership, Amazon disrupted the digital sales channel, helping millions of small businesses sell their products directly to Amazon customers.

Since October 2020, Faricy has served on the board of Blue Apron and since 2013 on the University of Michigan Ross School of Business Advisory Board.

The company remains confident in achieving its previously disclosed fiscal first quarter 2021 guidance. While Faricy begins April 19, 2021, Werner will discuss the company's fiscal performance during its first quarter 2021 earnings conference call.