Shoals Technologies Group, Inc. Appoints Jeffery Tolnar as Interim Chief Executive Officer

Rhea-AI Summary

Shoals Technologies Group, Inc. (Nasdaq: SHLS) announced that President Jeffery Tolnar will serve as Interim Chief Executive Officer following the departure of Jason Whitaker. This decision follows an extensive search for a permanent CEO. The Board of Directors expressed gratitude for Whitaker's leadership and emphasized their commitment to identifying a successor who can significantly impact the company's growth strategy. Tolnar previously launched the eMobility business unit and has extensive experience in electric mobility solutions and global software. Shoals is a leader in electrical balance of system solutions, deployed in over 20 GW of solar systems globally.

Positive

• Jeffery Tolnar's appointment as Interim CEO may bring fresh perspectives and continuity in leadership.
• Tolnar has a strong background in electric mobility and technology development, which could drive innovation.

Negative

• The departure of the previous CEO may raise concerns about leadership continuity during the transition period.
• There could be risks associated with the search for a permanent CEO that may impact company stability.

– Mr. Tolnar, President, to Serve in Interim Role Until New Chief Executive Officer is Appointed –

PORTLAND, Tenn., Feb. 27, 2023 (GLOBE NEWSWIRE) -- Shoals Technologies Group, Inc. (“Shoals” or the “Company”) (Nasdaq: SHLS), a leading provider of electrical balance of system (“EBOS”) solutions for solar, battery storage, and electric vehicle charging infrastructure, today announced the appointment of Jeffery Tolnar, President, to Interim Chief Executive Officer upon the departure of Chief Executive Officer Jason Whitaker, as previously communicated.

Mr. Tolnar will succeed Mr. Whitaker in an interim role. Following completion of an extensive search and vetting process, Shoals’ Board of Directors intends to identify a permanent Chief Executive Officer.

“On behalf of the Board and the entire Shoals team, we thank Jason for his years of leadership and commitment to our company’s success over the course of his tenure,” said Brad Forth, Chairman of the Board of Shoals. “We look forward to working with Jeff in the interim as we identify a permanent CEO that will make a significant impact on our company as we continue to expand our business and execute our growth strategy.”

Mr. Tolnar was appointed President of Shoals after successfully launching the Company’s eMobility business unit. As President and Interim CEO, Mr. Tolnar will continue to be responsible for leading the Company’s growth, operational excellence, technology development and product innovation. Prior to joining Shoals, Mr. Tolnar was most recently Chief Commercial Officer for Shell Greenlots where he was responsible for growing their electric mobility solutions. Prior to Shell Greenlots, he served as President of Global Software Solutions for Honeywell’s Homes, Buildings and Utilities businesses and was also President of Elster Solutions, a global leader in electronic metering solutions. Mr. Tolnar holds a Bachelor of Science degree in Electrical Engineering Technology from Youngstown State University and a Master of Business Administration from Baker University.

About Shoals Technologies Group, Inc.
Shoals Technologies Group, Inc. is a leading provider of electrical balance of systems (“EBOS”) solutions for solar, storage, and electric vehicle charging infrastructure. Since its founding in 1996, the Company has introduced innovative technologies and systems solutions that allow its customers to substantially increase installation efficiency and safety while improving system performance and reliability. Shoals Technologies Group, Inc. is a recognized leader in the renewable energy industry whose solutions are deployed on over 20 GW of solar systems globally. For additional information, please visit: https://www.shoals.com.

Contacts
Investors:
Email: investors@shoals.com
Phone: 615-323-9836

Media:
Email: media@shoals.com

Forward-Looking Statements
This press release contains forward-looking statements that are based on our management’s beliefs and assumptions and on information currently available to our management. Forward-looking statements include information concerning the new officers’ potential contributions, our possible or assumed future results of operations, business strategies, technology developments, financing and investment plans, dividend policy, competitive position, industry and regulatory environment, potential growth opportunities and the effects of competition. Forward-looking statements include statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” "seek," “should,” “will,” “would” or similar expressions and the negatives of those terms.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks and uncertainties include our inability to find a new Chief Executive Officer, the impact of the announcement of the Chief Executive Officer succession and other officer appointments or departures on the Company’s stock and its employees, suppliers and customers, and other risks and uncertainties described in the Company’s most recent Annual Report on Form 10-K and subsequent filings with the Securities and Exchange Commission. Given these uncertainties, you should not place undue reliance on forward-looking statements. Also, forward-looking statements represent our management’s beliefs and assumptions only as of the date of this press release. You should read this press release with the understanding that our actual future results may be materially different from what we expect.

Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

FAQ

Who is the new Interim CEO of Shoals Technologies Group?

Jeffery Tolnar has been appointed as the Interim Chief Executive Officer of Shoals Technologies Group.

Why did Shoals Technologies Group change its CEO?

The change in leadership follows the departure of Jason Whitaker, with the company initiating a search for a permanent CEO.

What is the background of Jeffery Tolnar?

Tolnar was previously the Chief Commercial Officer for Shell Greenlots and has extensive experience in electric mobility solutions.

How might the leadership change affect Shoals Technologies Group's performance?

The leadership change could introduce new strategies and perspectives but may also present risks related to stability during the transition.