SolarWorld Americas Inc., which reached agreement in April to be acquired by industry leader SunPower Corp., is implementing a senior management change as the company goes through transition planning.
Juergen Stein, President and Chief Executive Officer of SolarWorld Americas, will transition from those roles to a full-time advisory position, effective immediately. John Boken, a Senior Managing Director with Zolfo Cooper LLC and a member of the SolarWorld Americas’ Board of Directors, will assume the role of Interim Chief Executive Officer.
Stein will remain with SolarWorld Americas through June 30, 2018, and continue to support Boken and the management team on various operating initiatives, along with ongoing activities relating to the company’s past trade cases.
Boken, whose 25 years in the turnaround and restructuring industry includes significant experience in the sale and transition of businesses in a variety of industries, will lead the SolarWorld Americas integration planning team and direct efforts of the SolarWorld Americas management team and advisors to facilitate the close of the SunPower transaction. Additionally, he will be responsible for overseeing day-to-day operations.
“Our team remains excited about the future of SolarWorld Americas as an integral part of the SunPower operation,” Stein said. “I believe that now is the right time for me to turn over the final phase of our sale process to John Boken, whose vast experience in transitional situations is perfectly suited to our leadership needs. We are fortunate that he is available to step into this role.”
Boken said the company is focusing on transaction closing and integration planning in collaboration with the SunPower team. “At the same time,” he said, “we are making sure to devote appropriate energies to our day-to-day operations and customers, as we prepare everyone for the bright future that lies ahead for our business under SunPower’s leadership and with access to its resources and technological expertise. I look forward to working with Juergen through the remaining steps of this process, leveraging his accomplishments, and continuing to benefit from his industry knowledge.”
The SunPower acquisition of SolarWorld Americas remains subject to U.S. and German regulatory approvals and other closing conditions. At closing, which is expected in the next few months, the combined SunPower and SolarWorld operation will be the largest U.S. solar panel manufacturer.
SolarWorld | http://www.solarworld-usa.com