Kam Mofid has stepped aside as CEO of Real Goods Solar (RGS) with the company’s residential solar chief, Dennis Lacey, named as his successor.
The move is part of a drive by the company to focus on the residential market.
David Belluck, RGS Energy’s chairman of the board commented:
“The board of directors has evaluated our company’s prospects and we’ve determined our best opportunities for realizing greater shareholder value reside within the residential solar division. Given Dennis’ highly successful career accomplishments – particularly with turnaround situations and more recently his strong leadership of our residential division – we have identified in Dennis the essential experience and skill set needed to return RGS Energy to profitability as we focus more on the residential segment of our business.”
“Additionally, Dennis’ deep knowledge and executive experience in public and private equipment lease finance companies will help us further develop this higher margin residential solar business,” added Belluck. “The board and I thank Kam for his contributions and wish him success in the future.”
Lacey told analysts on the company’s Q2 results conference call that he was hopeful returning the company to profit.
“I am thrilled about the opportunity because I believe in the future of RGS. I have had the good fortune during my career of being part of multiple successful business turnarounds, something I believe we can accomplish here,” he said.
The company made a net loss of just under US$21.4 million in Q2 2014, up from US$2.9 million in the same period last year. It installed almost twice as much capacity in Q2 this year rising from 5.57MW in Q2 2013 to 11.39MW.
Revenues for Q2 2014 were US$35.2 million, up on US$20.7 million in Q2 2013.
Shares in the company responded positively to news of the change of leadership, the results and the intention to focus on the residential market.
Full results are available on the RGS Energy website.
Extract from the conference call courtesy of Seeking Alpha.