SolarWorld Americas Inc. President and CEO Juergen Stein will transition to a full-time advisory position, effective May 14, as part of the company's preintegration management transition for its pending acquisition by SunPower Corp. Stein will be with the company until June 30.
Meanwhile, John Boken, senior managing director with Zolfo Cooper LLC and SolarWorld Americas board member, will take over as interim CEO. Boken, a 25-year veteran in the turnaround and restructuring industry, will lead the integration planning team and will be in charge of the company's day-to-day operations.
SunPower's acquisition of SolarWorld Americas is subject to regulatory approvals from the U.S. and Germany. The deal is expected to close in the next few months.