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UPDATE 1-SunPower's CEO Peter Faricy steps down

Reuters
·1 min read

(Adds details and share price in paragraph 2-4)

Feb 27 (Reuters) -

U.S. solar company SunPower said on Tuesday CEO Peter Faricy has left the company, effective Feb. 26.

Faricy's departure comes two months after the company raised doubts about its ability to stay in business, saying that its breach of a key term in a credit agreement could prompt lenders to recall certain loans.

Faricy took over as the company's CEO in 2021, and SunPower said it was conducting a search process to identify a new CEO.

Shares of the company fell 1.3% before the bell. (Reporting by Arunima Kumar in Bengaluru; Editing by Ravi Prakash Kumar)