By Cassandra Sweet
Of DOW JONES NEWSWIRES
U.S. solar-panel maker SunPower Corp. (SPWR) named Charles Boynton acting chief financial officer on Wednesday as part of a reorganization aimed at cutting costs and increasing the company’s competitiveness.
Boynton, who was SunPower’s vice president of finance and corporate development, replaces former CFO Dennis Arriola, who resigned on Monday, the company said in a filing with the Securities and Exchange Commission.
SunPower said in November that Arriola and another executive, Jim Pape, would leave the company
SunPower and its rivals have seen their revenue fall and profit margins shrink amid a global oversupply of solar panels, and as government policy changes have cut demand and sent prices sliding.
The company, of San Jose, Calif., which is majority owned by French oil major Total S.A. (TOT, FP.FR), is cutting costs and looking for new markets, like the Middle East, where it can compete on cost with fossil-fuel power-generation, SunPower Chief Executive Tom Werner said last month.
SunPower in February swung to a fourth-quarter loss of $83.1 million, or 84 cents a share from a year-earlier profit of $152.3 million, or $1.44 a share.
The company has forecast a first-quarter adjusted loss of 5 cents to 20 cents a share on revenue of $500 million to $575 million. For the full year the company sees revenue of $2.6 billion to $3 billion and aims to break even or book a profit for the year.
-By Cassandra Sweet, Dow Jones Newswires; 415-439-6468; firstname.lastname@example.org
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