SunPower terminates its chief operating officer a year after she was hired

By Tomi Kilgore

Chief Operating Officer Jennifer Johnston will be eligible for severance

SunPower Corp. disclosed Friday that Chief Operating Officer Jennifer Johnston has been terminated by the solar-panel maker's board of directors.

The termination comes one year after Johnston was hired.

The California-based company (SPWR) did not provide a reason for Johnston's termination, which is effective June 7. SunPower also did not immediately respond to a request for comment.

The stock edged up 0.2% in morning trading.

Also read: Solar stocks are rallying, with boosts from Tesla and China

Johnston joined SunPower as COO on May 8, 2023, to oversee the company's operations and customer-care organizations. Before joining SunPower, she was COO of a technology company, and before that she worked 10 years at Amazon.com Inc. (AMZN) in leadership positions in finance and business.

SunPower said that Johnston will be eligible to receive severance and benefits.

The stock has dropped 12.4% over the past three months and has tumbled 73% over the past year. In comparison, the iShares Global Clean Energy exchange-traded fund ICLN has lost 20.8% in the past year and the S&P 500 SPX has run up 28.3%.

-Tomi Kilgore

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05-24-24 1005ET

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