Residential solar company SunPower Corp. has started the search for a permanent CEO after Peter Faricy departed the position on Feb. 26, the company said Feb. 27.

An Office of the Chairman has been established until a successor is named. The office will be led by Principal Executive Officer Tom Werner, who is also executive board chairman. It includes CFO Elizabeth Eby, Chief Legal Officer Eileen Evans and other executive leadership team members, according to a news release.

“Over the past three years, SunPower has made strides toward expanding the footprint of residential solar, capturing a market-leading position in the new homes business and expanding consumer financing for solar through SunPower Financial,” Werner said after thanking Faricy for his contributions. “I am confident in our Office of the Chairman and our Executive Leadership Team’s abilities to lead us through this transitional period while we search for a new CEO.”

The California-based company provides residential solar, storage and energy services in North America. Earlier this month, the company reported revenue from continuing operations fell to about $357 million for fourth-quarter 2023, compared to $498 million a year earlier. It reported a net income loss of $115.6 million from continuing operations, down from $19.5 million.

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