Maxeon Photo voltaic Applied sciences CEO Jeff Waters is stepping down from the function after 4 years, with the corporate on the seek for a brand new head.
Maxeon stated its board and Waters had “agreed that Waters will step down as CEO and member of the Board” on 15 September. Its chief income officer (CRO) Mark Babcock has been appointed interim CEO.
“On behalf of the Board, I wish to thank Jeff for efficiently main Maxeon by its first section of progress”, stated Donald Colvin, Maxeon’s chairman.
“With the Firm positioned strongly for the long run, the Board and Jeff mutually agreed that now could be the time for a brand new chief to take the Firm to its subsequent section of progress.”
Maxeon’s board has enlisted an out of doors agency to conduct a search course of for the brand new CEO.
The corporate designs and manufactures Maxeon and SunPower model photo voltaic PV modules. It sells its merchandise in additional than 100 international locations, working below the SunPower model in sure international locations exterior the US.
Not too long ago, the corporate has sought to remodel its enterprise mannequin away from merely a module producer and in the direction of a extra holistic clear vitality supplier.
In Could, it launched its SunPower One built-in dwelling vitality resolution, designed to proactively advise owners on methods to optimise their vitality utilization. PV Tech Premium sat down with Waters on the time to debate the brand new providing and enterprise mannequin.
Its operations in the direction of the tip of final yr had been stymied by logistical failures, however the firm was in a position to deal with them by turning to different types of transportation.
This helped to revive its efficiency in Q2 when it shipped 520MW of modules and noticed its distributed era enterprise in Europe develop.
Additionally in Could, it employed Philippe Costemale as its new chief working officer (COO) and made him answerable for the worldwide manufacturing organisation, world operations and provide chain actions because it eyed a continued transformation.
Extra not too long ago, the corporate bagged a US$200 million funding from TCL Zhonghuan to assist expenditures for Maxeon 7 merchandise, P sequence merchandise and R&D expenditures.
TCL Zhonghuan and Maxeon fashioned an alliance 4 years in the past. In 2019, Zhonghuan secured a cooperation settlement with Complete to spin off Maxeon from photo voltaic residential installer SunPower and register Maxeon in Singapore. TCL Zhonghuan grew to become the second largest shareholder of Maxeon with a stake of 28.85%.