SAN JOSE, Calif., Jan. 25 /PRNewswire-FirstCall/ -- SunPower Corp. (Nasdaq: SPWRA, SPWRB), a Silicon Valley-based manufacturer of high-efficiency solar cells, solar panels and solar systems, today announced that Jim Pape has joined the company as president of the residential and commercial business group. SunPower also announced that it has established a business group profit and loss (P&L) organizational structure to align its sales, engineering, construction, and customer service teams. This new P&L structure will support the company's expected growth in each of the customer segments. As part of this realignment, Howard Wenger will now serve as president of the utilities and power plants business group.
"SunPower's pace of growth has allowed us to establish an organization under excellent leaders which align our two global business groups, each with their unique customer segments," said Tom Werner, SunPower's CEO. "Jim brings a wealth of expertise and customer understanding that will help drive the continued success of our rapidly expanding residential and commercial group. Under Howard's strong leadership over the last two years, our utilities and power plants business has taken flight and we are thrilled to have him assume responsibility for the full P&L for this group. Our new organizational structure will support continued growth while enabling our teams to address evolving market conditions from a position of strength. We welcome Jim to SunPower and congratulate Howard on his success."
Pape joins SunPower with more than 25 years of global experience successfully driving improved financial performance, developing and executing integrated strategies, building robust sales teams, and leveraging growth. His diverse background includes leading sales and customer service divisions for Fortune 200 companies, commercial and military aerospace organizations, distributed contracting businesses, and heating, ventilating and air conditioning (HVAC) systems. Prior to joining SunPower, Pape served as vice president and general manager for North America at Trane Commercial Systems, where he was responsible for growing the company's commercial business for both Trane and Hussmann Refrigeration, and their respective P&L activities. Pape also held executive positions at Johnson Controls and Bearing Inspection. He earned a bachelor's of science degree in mechanical engineering from the University of Texas at Arlington.
About SunPower Corp.
Founded in 1985, SunPower Corp. (Nasdaq: SPWRA, SPWRB) designs, manufactures and delivers the planet's most powerful solar technology broadly available today. Residential, business, government and utility customers rely on the company's experience and proven results to maximize return on investment. With headquarters in San Jose, Calif., SunPower has offices in North America, Europe, Australia and Asia. For more information, visit www.sunpowercorp.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that do not represent historical facts and may be based on underlying assumptions. The company uses words and phrases such as "will," "rapid," "expected," "growth," "rapidly," "expanding," and "continued" to identify forward-looking statements in this press release, including forward-looking statements regarding growth of the company's two business groups. Such forward-looking statements are based on information available to the company as of the date of this release and involve a number of risks and uncertainties, some beyond the company's control, that could cause actual results to differ materially from those anticipated by these forward-looking statements, including risks and uncertainties such as: (i) the company's ability to obtain and maintain an adequate supply of raw materials and components, as well as the price it pays for such items; (ii) general business and economic conditions, including seasonality of the industry; (iii) growth trends in the solar power industry; (iv) the continuation of governmental and related economic incentives promoting the use of solar power; (v) the improved availability of third-party financing arrangements for the company's customers; (vi) construction difficulties or potential delays, including permitting and transmission access and upgrades; (vii) the company's ability to ramp new production lines and realize expected manufacturing efficiencies; (viii) manufacturing difficulties that could arise; (ix) the success of the company's ongoing research and development efforts to compete with other companies and competing technologies; and (x) other risks described in the company's Annual Report on Form 10-K for the year ended December 28, 2008, and its Quarterly Report on Form 10-Q for the quarter ended September 27, 2009. These forward-looking statements should not be relied upon as representing the company's views as of any subsequent date, and the company is under no obligation to, and expressly disclaims any responsibility to, update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
SunPower is a registered trademark of SunPower Corp. All other trademarks are the property of their respective owners.
SOURCE SunPower Corp.