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SunPower COO Jennifer Johnston to Depart June 7

Published 24/05/2024, 17:58
© Reuters.

SunPower (NASDAQ:SPWR) Corporation (NASDAQ:SPWR) announced the upcoming departure of Jennifer Johnston, the company's Executive Vice President and Chief Operating Officer. The Board of Directors has decided to terminate Ms. Johnston's employment effective June 7, 2024. This decision was disclosed in a recent filing with the Securities and Exchange Commission.

Ms. Johnston will receive severance payments and benefits as outlined in the Amended and Restated 2023 Management Career Transition Plan. The specifics of the severance package were part of a prior SEC filing on October 18, 2023.

The announcement did not detail the reasons for the termination or who will succeed Ms. Johnston as the Chief Operating Officer at SunPower. The company has not made any immediate statements regarding the direction or strategic implications of this change in its executive leadership team.

Investors and market watchers will likely be attentive to how SunPower handles the transition and any subsequent announcements related to its executive team or operational strategies.

As of now, the information is based solely on the formal statement provided to the SEC.

InvestingPro Insights

As SunPower Corporation (NASDAQ:SPWR) navigates through the executive transition with the upcoming departure of its COO, investors may be evaluating the company's financial health and future prospects. According to real-time data from InvestingPro, SunPower has a market capitalization of $515.03 million, reflecting its current valuation in the market. The company's P/E ratio stands at -2.09, indicating that it is not generating positive earnings at the moment, a trend that is further supported by the adjusted P/E ratio for the last twelve months as of Q4 2023, which is -2.38.

The revenue for SunPower in the last twelve months as of Q4 2023 was reported at $1.685 billion, with a decline of 3.21% compared to the previous year. This contraction is more pronounced when looking at the quarterly revenue growth for Q4 2023, which shows a significant decrease of 28.23%. These figures suggest that SunPower is experiencing challenges in maintaining its revenue stream.

InvestingPro Tips reinforce the idea that SunPower is facing financial headwinds. The company is quickly burning through cash and may struggle to make interest payments on its debt. Furthermore, analysts have revised their earnings estimates downwards for the upcoming period, and do not anticipate the company will be profitable this year. Additionally, the stock is known for its high price volatility, which might be a concern for risk-averse investors.

For those interested in a deeper analysis, there are 13 additional InvestingPro Tips available at https://www.investing.com/pro/SPWR, which can help investors to further understand the risks and opportunities associated with SunPower. To access these insights, consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. These tips could be particularly valuable in light of the executive changes and the company's current financial trajectory.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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