Maxeon Solar Technologies Ltd.’s board of directors and CEO Jeff Waters have agreed that Waters will step down as CEO and member of the board effective September 15. Mark Babcock, Maxeon’s chief revenue officer, will be the interim CEO.

“On behalf of the board, I would like to thank Jeff for successfully leading Maxeon through its first phase of growth,” says Donald Colvin, Maxeon’s chairman. “Dating back to four years ago when Jeff joined SunPower, he led the funding that facilitated the creation of Maxeon and prepared it for its public listing. Over the two years of Maxeon’s life, he built a new executive leadership team and Singapore headquarters and led a transformation with new products and a streamlined and expanded operations footprint that has doubled the company’s capacity, culminating in a refreshed balance sheet and a march towards a new U.S. factory.”

“I am so proud of the drive and perseverance of the Maxeon employees and what they have accomplished, especially against the backdrop of the pandemic and a tumultuous supply chain environment,” comments Waters. “Maxeon is positioned well for success with the introduction of new products and factories, a recently strengthened balance sheet, and an amazing opportunity with U.S. manufacturing. I am equally proud of Maxeon’s leadership team and will work closely with them to ensure a smooth transition.”

“With the company positioned strongly for the future, the board and Jeff mutually agreed that now is the time for a new leader to take the company to its next phase of growth,” continues Colvin.

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