PETALUMA, Calif., Aug. 08, 2017 (GLOBE NEWSWIRE) -- Enphase Energy, Inc. (NASDAQ:ENPH), a global energy technology company and the world’s leading supplier of solar microinverters, announced today that after more than ten years at the helm of the Company, Paul Nahi is stepping down as President and CEO.
Nahi’s final day with Enphase is today; however, he will continue to assist Enphase as it transitions to a new leader. The Company’s Board of Directors has begun a search for a replacement that includes both internal and external candidates, with the intention to name a successor by August 31, 2017. In the interim, the Board has created an Office of the CEO, consisting of Bert Garcia, CFO, and Badri Kothandaraman, COO, to oversee and provide leadership for the Company’s day-to-day activities.
“On behalf of the Board, we would like to thank Paul for his exceptional leadership, and his many years of service to Enphase and the solar industry,” said Steve Gomo, lead independent director of Enphase Energy’s Board of Directors. “As the Company’s first and only CEO, Paul has led Enphase from pioneering the world’s first microinverter to becoming a leading global provider of energy management solutions. We appreciate his many contributions and wish him continued success.”
“It has been an enormous privilege to lead Enphase since inception and through its growth to become a leading global energy technology company,” said Paul Nahi. “Our invention of the microinverter and the introduction of module level data monitoring has transformed the global solar energy landscape. Having managed Enphase from a concept through global leadership, I feel the time is right for a new CEO to continue its growth, while Enphase increases market share, expands into new geographies and explores new opportunities. As Enphase continues into its second decade, it is poised for a future of sustained profitability, having successfully embraced the challenges of managing operating expenses while accelerating its investments in next-generation technologies. I remain passionate about Enphase’s bright future, and I am confident its best days are yet to come.”
Forward-Looking Statements
This press release may contain forward-looking statements, including statements related to Enphase Energy's: search for a replacement President and CEO, continued growth prospects; increase in market share; expansion into new geographies; and future of sustained profitability. These forward-looking statements are based on the company's current expectations and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties and other risks detailed in the "Risk Factors" and elsewhere in Enphase Energy's latest Securities and Exchange Commission filings and reports. Enphase Energy undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.
About Enphase Energy, Inc.
Enphase Energy, a global energy technology company, delivers smart, easy-to-use solutions that connect solar generation, storage and management on one intelligent platform. The Company revolutionized solar with its microinverter technology and produces the world’s only truly integrated solar plus storage solution. Enphase has shipped approximately 15 million microinverters, and more than 661,000 Enphase systems have been deployed in more than 100 countries. For more information, visit www.enphase.com.
Enphase Energy®, the Enphase logo and other trademarks or service names are the trademarks of Enphase Energy, Inc.