SunPower CEO joins the $1 salary club to boost investor confidence

Richard Washington
0

SunPower's CEO Tom Werner announced during the company's second-quarter results conference call on Tuesday that he's taking a pay cut.

"I'm ultimately responsible for the company's performance and have therefore decided that ... I will reduce my cash salary and bonus to $1 for the balance of the year," Werner said. "I'm confident that our performance will improve and the shareholders, including me, will be rewarded."

Werner's voluntary salary reduction followed close on the heels of the company's significantly lowered guidance for 2016.

SunPower (SPWR) revised its guidance to between $275 million and $325 million, from a previous range of $450 million to $500 million.

Werner attributed the decline to headwinds within SunPower's power plant business and said that changes in the market will "negatively affect [SunPower's] near-term financial performance."

In addition to Werner's pay cut, SunPower said its strategy to clear the anticipated market hurdles also includes reducing its international self-developing activities, cutting down operating expenses related to its power plant segments and realigning aspects of its upstream product development.

Shares of SunPower have plunged 65.76 percent so far this year.

SPWR YTD




More From CNBC

  • Top News and Analysis

  • Latest News Video

  • Personal Finance

Advertisement

Recommended Stories