SunPower Appoints Steve Louden to its Board of Directors

SunPower Corp. (NASDAQ:SPWR) announced the appointment of Steve Louden to its Board of Directors, effective March 14, 2023.

Rhea-AI Summary

SunPower Corp. (NASDAQ:SPWR) announced the appointment of Steve Louden to its Board of Directors, effective March 14, 2023. Louden, currently CFO at Roku, brings over 30 years of finance and strategy experience from high-growth companies including Expedia and Disney. His tenure at Roku included leading a successful IPO. Peter Faricy, SunPower's CEO, expressed confidence in Louden's ability to drive the company's mission of facilitating America's transition to renewable energy. Louden is expected to leave Roku in Summer 2023 to focus on enhancing SunPower's leadership in the solar industry.

Positive

• Steve Louden's extensive background in finance may provide valuable insights to SunPower.
• His experience with high-growth companies can strengthen SunPower's strategic direction.
• Louden's track record in leading successful IPOs suggests potential for enhancing shareholder value.

Negative

• Louden's imminent departure from Roku raises concerns over continuity in leadership.
• There may be a potential experience gap during the transition to new leadership at SunPower.

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Roku CFO brings extensive business strategy and development experience at high growth companies across technology, retail, and financial services

RICHMOND, Calif., March 14, 2023 /PRNewswire/ -- SunPower Corp. (NASDAQ:SPWR), a leading solar technology and energy services provider, today announced the appointment of Steve Louden to its Board of Directors. Louden brings more than 30 years of strategy and financial experience at high-growth consumer businesses across technology, media, entertainment, retail, and financial services.

"Steve has an impressive track record at organizations known for breakthrough technology, rapid consumer adoption and customer satisfaction," said Peter Faricy, SunPower CEO. "I am confident he will provide valuable insight and guidance as SunPower aims to quickly help millions of Americans transition to renewable energy while continuing to lead the solar industry in customer experience."

Louden currently serves as the Chief Financial Officer at Roku, Inc. where he led the company's successful IPO and has played a pivotal role in its growth trajectory since he joined in 2015. Louden plans to depart the company in Summer 2023. Prior to Roku, Louden served in various finance capacities at Expedia, Inc., including most recently as its treasurer. Before that, he held finance, strategy and planning roles at Washington Mutual, Inc., McKinsey & Company and the Walt Disney Company. Louden holds a bachelor's degree in economics and mathematics from Claremont McKenna College and a master's degree from Harvard Business School. He currently also serves on the board of directors for Zumiez, Inc.

"As I look toward the next phase in my career, it's gratifying to know I'll be able to bring my experience to a company with such an important mission," said Louden. "SunPower is in a great position to lead a massive consumer shift to renewable energy, and I'm looking forward to working with its talented leaders to seize the many opportunities that lay ahead."

About SunPower
SunPower (NASDAQ:SPWR) is a leading solar technology 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. 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 our expectations for our business. 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, regulatory changes and the availability of economic incentives promoting use of solar energy and fluctuations or declines in the performance of our solar panels and other products and solutions. 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.

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SOURCE SunPower Corp.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

Who is Steve Louden and what is his role at SunPower?

Steve Louden is the newly appointed member of the Board of Directors at SunPower Corp., bringing over 30 years of experience in finance and strategy from various high-growth companies.

What is Steve Louden's background before joining SunPower?

Before joining SunPower, Louden was CFO at Roku and held finance roles at Expedia, Washington Mutual, McKinsey & Company, and Disney.

When did Steve Louden become a board member at SunPower?

Steve Louden was appointed to the Board of Directors of SunPower on March 14, 2023.

What impact could Steve Louden have on SunPower's business?

Louden's vast experience in strategic growth may help SunPower advance its mission in renewable energy and enhance customer experience.

What are the potential risks associated with Steve Louden's appointment?

Concerns include the transition period and potential experience gaps as SunPower adjusts to new leadership dynamics.