SunPower Names Chief Marketing Officer to Reintroduce Solar to Homeowners

Rhea-AI Summary

SunPower Corp (NASDAQ:SPWR) appointed June Sauvaget as the new Chief Marketing Officer to enhance its marketing strategies amid the growing solar adoption, projected to rise over 25% annually. With over 20 years of experience, including significant roles at Spotify, Sauvaget aims to make solar more accessible to diverse consumers. Furthermore, SunPower announced plans to sell its Commercial & Industrial Solutions (CIS) business, focusing on optimizing capital and enhancing its Residential and Light Commercial sectors. The sale discussions are advanced, targeting completion by Q1 2022.

Positive

• Appointment of June Sauvaget as CMO may strengthen marketing efforts.
• Growing solar adoption could increase market opportunities for SunPower.

Negative

• Decision to sell the CIS business raises questions about future revenue streams.
• Potential disruptions and challenges in executing the CIS sale.

SAN JOSE, Calif., Dec. 28, 2021 /PRNewswire/ -- SunPower Corp. (NASDAQ:SPWR), a leading solar technology and energy services provider, today announced the appointment of consumer marketing veteran June Sauvaget as the company's chief marketing officer (CMO).

As adoption of solar accelerates – on track to grow over 25% year over year according to Wood Mackenzie – the typical solar owner is transforming to include consumers across generations, regions and income brackets. Despite continued growth, residential solar remains in its infancy used by less than 4% of households. A seasoned expert in the intersection of product, brand and experience, Sauvaget will help guide SunPower to engage the new and future solar user.

"Today's announcement underscores our ongoing commitment to inspire more homeowners to choose SunPower whenever and wherever they decide to go solar," said Peter Faricy, CEO, SunPower. "June has a proven track record of building some of the world's most iconic consumer brands and her leadership will be critical in reimagining how solar companies market, innovate and operate."

Sauvaget brings more than two decades of experience introducing and scaling global brands into international markets, including her time as global head of consumer & product marketing for Spotify. She introduced the streaming music platform to new audiences, including the launch of the service in Asia, Middle East and Africa. Prior to Spotify, Sauvaget worked with Shiseido and Gap to expand into high-priority emerging markets. Sauvaget will work to cement SunPower's position as an accessible solar and battery storage provider for homeowners of all backgrounds, including communities that have been historically marginalized.

Update on SunPower's Commercial & Industrial Solutions Business
As part of its growing focus on and investment in its Residential and Light Commercial business, earlier this year the company announced it was exploring strategic options for its Commercial & Industrial Solutions (CIS), which serves public and private sectors. Following this review, SunPower has decided to pursue the sale of the CIS business. This decision was made to optimize SunPower's capital deployment, while enabling CIS to take better advantage of its growing addressable opportunities such as community solar and front-of-meter storage. SunPower is in advanced discussions regarding a potential sale of its CIS business. The company is seeking to finalize discussions as early as the first quarter of 2022, focusing primarily on residential in 2022 and beyond.

"Solar is becoming part of the fabric of America and, with the right partner, the commercial business has an opportunity to fight climate change on a larger stage. The potential buyer shares CIS' strategic and financial goals as a champion of affordable, reliable and clean energy solutions with the expertise, balance sheet and capital resources appropriate for large-scale solar and storage projects," added Faricy.

About SunPower  
Headquartered in California's Silicon Valley, SunPower (NASDAQ:SPWR) is a leading Distributed Generation Storage and Energy Services provider in North America. SunPower offers the only solar + storage solution designed and warranted by one company that gives customers control over electricity consumption and resiliency during power outages while providing cost savings to homeowners, businesses, governments, schools and utilities. For more information, visit www.sunpower.com.   

Forward-Looking Statements 
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding anticipated market trends and growth, our anticipated sale of CIS, including timing and certainty, the anticipated benefits of the transaction, our and CIS's positioning to succeed in the future, our plans to wind down legacy businesses, and our anticipated future areas of focus. These forward-looking statements are based on our current assumptions, expectations and beliefs and involve substantial risks and uncertainties that may cause results, performance or achievement to materially differ from those expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to challenges in executing a CIS sale transaction and other transactions key to our strategic plans, including regulatory, logistical, and other challenges that may arise; potential disruptions to our operations that may result from epidemics or natural disasters, including impacts of the Covid-19 pandemic; and changes in the policy environment, and the availability of economic incentives for our products. In addition, the planned sale of the CIS business may not be consummated within the anticipated period or at all and the ultimate results and impact of any transaction depend on a number of factors, including the negotiation of definitive agreements and any third-party, regulatory, and other approvals that may be required in connection therewith. A detailed discussion of these factors and other risks that affect our business is included in filings we make with the Securities and Exchange Commission (SEC) from time to time, including our most recent reports on Form 10-K and Form 10-Q, particularly under the heading "Risk Factors." Copies of these filings are available online from the SEC or on the SEC Filings section of our Investor Relations website at investors.sunpower.com. All forward-looking statements in this press release are based on information currently available to us, and we assume no obligation to update these forward-looking statements in light of new information or future events.

©2021 SunPower Corporation. All rights reserved. SUNPOWER and the SUNPOWER logo are trademarks or registered trademarks of SunPower Corporation in the U.S. 

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SOURCE SunPower Corp.

FAQ

Who is the new Chief Marketing Officer of SunPower?

June Sauvaget has been appointed as the Chief Marketing Officer of SunPower Corp.

What is the projected growth rate for solar adoption according to Wood Mackenzie?

Solar adoption is projected to grow over 25% year over year.

What business is SunPower planning to sell?

SunPower is planning to sell its Commercial & Industrial Solutions (CIS) business.

When does SunPower expect to finalize the sale of its CIS business?

SunPower aims to finalize the sale discussions by the first quarter of 2022.

How does SunPower plan to enhance its marketing approach?

SunPower plans to enhance its marketing approach under the leadership of June Sauvaget.