SunPower has appointed six members to its board of directors as a result of the successful completion of Total’s tender offer. Among the new additions are Arnaud Chaperon, Bernard Clement and Denis Giorno, all senior figures in Total’s gas and power division, whose appointments increase the board’s numbers to 11.
The other new members are Jean-Marc Otero del Val, Reinhard Schneider and Humbert de Wendel. As with Chaperon, Clement and Giorno, these three have a wealth of experience within the energy sector and all hold managerial roles on the production or financial side of Total’s operations.
Despite the tender offer, SunPower’s president and CEO, Tom Werner, will continue to serve as chairman of the board. However, in order to accommodate the new appointments, Uwe-Ernst Bufe, a member of the SunPower board since 2008, stepped down immediately after the European Commission's antitrust clearance of the tender offer.
Total consummated the tender offer on June 21 by purchasing 60% of each class of SunPower's common stock, but was not permitted to exercise its voting rights, nominate a board majority or exercise other control rights until the European Union clearance.