SunPower Slashes Executive Salaries and Withdraws 2020 Guidance in Response to Coronavirus

By [email protected] SunPower on Wednesday announced several belt tightening measures and slashed executive salaries, citing uncertainty related to COVID-19. The company said the efforts would save up to $50 million as it navigates an unpredictable 2020.

The distributed solar and storage company also withdrew the guidance it offered in February for full year 2020, with GAAP revenue at $2.1 to 2.3 billion and between 2.5 and 2.75 gigawatts shipped during the year. The company still plans to finalize its separation from its international manufacturing arm, which will become a company called Maxeon Solar Technologies, in the second quarter of the year.

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