Pineapple Energy Announces Chief Executive Officer Transition

Rhea-AI Summary

Pineapple Energy has announced the resignation of CEO Kyle Udseth, effective immediately. Scott Maskin, a Board Member and Founder of SUNation Energy, will step in as Interim CEO. SUNation Energy, acquired by Pineapple in 2022, is a regional solar company based in Long Island, NY. Maskin brings 23 years of industry experience and founded SUNation in 2003. Chairman Roger Lacey expressed gratitude for Udseth's contributions since the company's founding in 2020 and confidence in Maskin's leadership during this transitional period.

Positive

• Scott Maskin, with 23 years of industry experience, appointed as Interim CEO.
• SUNation Energy, founded by Maskin and acquired in 2022, adds regional expertise.
• Commitment to restoring shareholder value emphasized by the Board.

Negative

• Sudden resignation of CEO Kyle Udseth may create instability.
• Leadership change could disrupt ongoing strategic initiatives.
• Potential investor concerns about the company's direction and stability.

MINNETONKA, Minn., May 17, 2024 (GLOBE NEWSWIRE) -- Pineapple Energy Inc. (“Pineapple”), a leading provider of sustainable solar energy and backup power to households and small business, today announced that Chief Executive Officer Kyle Udseth has decided to resign his position, effective immediately. Pineapple Board Member and SUNation Energy Founder Scott Maskin will assume the position of Interim Chief Executive Officer. SUNation Energy, a regional solar company based on Long Island, NY was acquired by Pineapple Energy in November 2022. Mr. Maskin, a 23-year veteran of the solar industry, founded SUNation in 2003.

“The solar space is turbulent; however, we remain committed to restoring shareholder value and executing on the Pineapple roadmap. We are fortunate to be able to lean on a proven leadership team and fully support Mr. Maskin to take the helm during this period of transition. I thank Kyle for the work he has done these past four years. I, along with the Board of Directors, wish him well in his next endeavor,” said Chairman Roger Lacey.

Mr. Udseth had served as Pineapple’s CEO since the company’s founding in 2020.

About Pineapple Energy
Pineapple is focused on growing leading local and regional solar, storage, and energy services companies nationwide. Our vision is to power the energy transition through grass-roots growth of solar electricity paired with battery storage. Our portfolio of brands (SUNation, Hawaii Energy Connection, E-Gear, Sungevity, and Horizon Solar Power) provide homeowners and small businesses with an end-to-end product offering spanning solar, battery storage, and grid services.

Contacts:
Scott Maskin Interim Chief Executive Officer +1 (631) 823-7131 smaskin@sunation.com Pineapple Investor Relations +1 (952) 996-1674 IR@pineappleenergy.com

FAQ

Who is the new Interim CEO of Pineapple Energy?

Scott Maskin, a Board Member and Founder of SUNation Energy, is the new Interim CEO.

When did Kyle Udseth resign as CEO of Pineapple Energy?

Kyle Udseth resigned effective immediately on May 17, 2024.

What is the expertise of Scott Maskin in the solar industry?

Scott Maskin has 23 years of experience in the solar industry and founded SUNation Energy in 2003.

Why did Pineapple Energy appoint an Interim CEO?

An Interim CEO was appointed to ensure continuity and stability during the transition period following the resignation of Kyle Udseth.

How might the CEO transition affect Pineapple Energy's stock symbol PEGY?

The CEO transition could affect investor confidence and potentially impact the stock symbol PEGY, reflecting concerns about the company's direction and stability.