SunPower said it will restructure in the fourth quarter and juggled executives in a move designed to cut operating expenses by 10 percent in 2012.
The company said it has to cut costs "with expected market conditions in 2012." In addition, SunPower juggled executives. Among the key moves:
- Howard Wenger, president of utility and power plants, will take over the title of president of regions.
- Jack Peurach will become executive vice president of products.
- Marty Neese will remain operating chief with more responsibilities.
- CFO Dennis Arriola will leave SunPower in March.
- Jim Pape, president of residential and commercial, will leave at the end of November.
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.
SunPower said it will take a charge of $10 million in 2011 for the restructuring.
Separately, SunPower reported weaker than expected third quarter sales and delivered a weak outlook.
The company projected 2011 revenue of $2.3 billion to $2.35 billion with a loss of 5 cents a share to a profit of 20 cents a share.