Enphase Energy announced today that VP and Chief Financial Officer (CFO) Kris Sennesael has resigned and been replaced with former VP of Finance Bert Garcia. According to a press release, Garcia will serve as the company’s foremost financing and accounting officer.
Sennesael was reported to have resigned to pursue other career opportunities, but his resignation comes as Enphase is reporting losses and pursuing a strategy that prioritizes growth over near-term quarterly profits. Enphase reported its third consecutive quarter of losses last week, after taking “some very aggressive pricing actions” late last year.
And while Enphase is also pursuing an aggressive cost reduction strategy, the company does not expect to become cash-flow positive until 2017. The company’s cash position is also tight; at the end of the second quarter Enphase fell to only $8.2 million in cash, although it does have access to other sources of capital.
Enphase’s market capitalization is also not looking good. The company’s stock price fell through the spring, summer and fall of 2015, and is currently trading at less than $2 per share, a fall of over 85% from peaks of over $15 at the beginning of 2015.