SunPower Corporation: SunPower announces Manavendra Sial steps down as Chief Financial Officer

SunPower Corp. (NASDAQ: SPWR), a leading solar technology and energy services provider, today announced that Manavendra Sial will leave the company, effective September 14, 2022, after serving as executive vice president and chief financial officer (CFO) for more than four years. Sial’s resignation is not due to any disagreement with the Company on any matter relating to the Company’s operations, policies or practices, including financial matters.

A formal search is underway for a new CFO. Guthrie Dundas, current vice president and treasurer at SunPower, will serve as interim CFO and ensure a seamless transition until a replacement has been found. “We expect continued profitable growth with exciting opportunities ahead of us. Guthrie brings a wealth of experience to the role, and I am confident he will help lead the organization through this transition,” said Peter Faricy, CEO of SunPower.

“2022 continues to be a pivotal year for SunPower as we execute across our five strategic pillars to drive growth in the residential solar market. With our strategic growth plan, coupled with the recent passing of the Inflation Reduction Act, we are more confident than ever that SunPower will capture the strong resulting demand for solar and storage.” said Faricy. “We are in an excellent position to lead the home energy transition and make solar mainstream.”

SunPower affirmed its previously issued guidance for fiscal year 2022 of $2,000-$2,400 adjusted EBITDA per customer and 73,000-80,000 incremental customers, resulting in $90-$110 million adjusted 2022 EBITDA.