Friday, November 4, 2011

SunPower Shuffles Execs In Reorg

San Jose-based solar panel maker SunPower said late Thursday that it is in a major reorganization, after announcing in its results that it was seeing "rapidly changing market conditions". SunPower said it is looking to cut expenses by as much as 10 percent in 2012, and that executive Dennis Arriola, its CFO, and Jim Pape, President Residential and Commercial, are leaving the company. SunPower said the company-wide restructuring program is expected to accelerate operating cost reduction and improve overall operating efficiency. The company did not say how those cuts would affects its employees.