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Solar panel firm details cost-cutting plan

Posted: 10 Nov 2011 ?? ?Print Version ?Bookmark and Share

Keywords:solar panel? restructuring? operating expense?

SunPower Corp. has announced a company-wide restructuring program that will cut operating costs by as much as 10 percent next year. Set to take place by 4Q11, the company did not disclose any details of the consequent layoffs resulting from the said reorganization.

The solar panel firm also revealed wholesale executive changes. The company said CFO Dennis Arriola, will leave his post in March 2012, and Jim Pape, president of its residential and commercial unit, will leave the company later this month.

Howard Wenger, president of SunPower's utility and power plants group, will assume the title of president, regions, SunPower stated. Jack Peurach will assume the title of executive VP of products, while Marty Neese will remain as the company's COO, but with expanded responsibilities, the company added.

"As we look to 2012, we plan to align our business structure to accelerate our product and technology innovation, increase the efficiency of our processes and reduce our costs," noted Tom Werner, SunPower CEO. "We are reorganizing the company to a regional business focus, a products group with product line profit and loss responsibility, and we will extend the responsibility of our upstream group to incorporate the research and development of our world-leading efficiency solar cell and panels."

SunPower said the goal of the restructuring is to grow sales next year. As a result of the expected restructuring program under consideration, the company said it believes it may incur a one-time, pre-tax charge of about $10 million.

- Dylan McGrath
??EE Times

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