Major U.S. solar provider SunPower announced that long-time CEO Tom Werner is retiring from the company.
SunPower named Peter Faricy as Werner’s successor, effective April 19. 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. He has also served on the board of Blue Apron and the University of Michigan Ross School of Business Advisory Board.
Werner will stay on as chairman of the board of directors for six months. The board then intends to recombine the positions of chairman and CEO.
During Werner’s 18-year tenure, SunPower became a publicly listed company in November 2005 and secured a “transformational” buyout investment from French oil giant Total in 2011. The company grew into a leading vertically integrated solar panel manufacturer and installer.
In 2020, SunPower officially split off its manufacturing business into a new company, Maxeon Solar Technologies. It also sold its operations and maintenance business in an effort to focus on its “core strength” of distributed solar installation.
In announcing his decision to step down, Werner said, “The time is right for a new leader to take the reins and set the course for SunPower.”
Looking ahead, Werner said he plans to pursue strategic investing in purpose-driven start-ups and participate in efforts to work toward a “more diverse and equitable future.”
He added, “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.”
Incoming CEO Faricy said, “SunPower is a company known for its innovative spirit and track record as a leader in solar and now storage. The opportunity to help the company maximize its potential in a new era of energy is exciting and incredibly meaningful.”
A related blog post from Werner is available here.
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