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PORTLAND, Tenn., Nov. 30, 2022 (GLOBE NEWSWIRE) — Shoals Technologies Group, Inc. (“Shoals” or the “Company”) (Nasdaq: SHLS), a leading provider of Electric Balance of Systems (“EBOS”) solutions for solar infrastructure, battery storage and electric vehicle charging infrastructure, today announced that its Chief Executive Officer, Jason Whittaker, informed the Board of Directors that he intends to step down from his role as Chief Executive Officer for health reasons in early 2023. Mr. Whittaker will remain with the company in an advisory role until mid-March 2023. Brad Fort, chairman of the Shoals board, is leading the board’s search for a new CEO, assisted by executive search firm Spencer Stewart. Mr. Whittaker expects to continue to serve on the Board of Directors during this transition period.
“We are grateful to Jason for his contributions to Shoals during his 13-year tenure with the company, and appreciate his continued commitment as we identify his replacement.” The significant investments we have made in people and processes over the past few years make us well prepared for the transition. Shoals’ business has never been stronger and I am confident that we will be able to attract top talent to the company,” said Brad Fort, Chairman of the Shoals Board.
“I am proud to leave the company in the best position it has ever been, with more customers, adjusted EBITDA and backlog than at any time in its history.” I will be working closely with our executive leadership team and board over the next few months to ensure a smooth transition to the new CEO. It has been an honor to lead Shoals, and I am truly grateful to all of our customers, employees, shareholders and vendors for their support. None of our success would be possible without them,” added Jason Whittaker, CEO of Shoals.
About Shoals Technologies Group, Inc.
Shoals Technologies Group, Inc. is a leading provider of Electric Balance of Systems (EBOS) solutions for solar, storage and EV charging infrastructure. Since its founding in 1996, the company has introduced innovative technologies and system solutions that enable its customers to significantly increase installation efficiency and safety while improving system performance and reliability. Shoals Technologies Group, Inc. is a recognized leader in the renewable energy industry whose solutions are deployed on over 20 GV solar systems worldwide. For additional information, visit: https://vvv.shoals.com.
Contacts
investors:
Email: investors@shoals.com
Phone: 615-323-9836
The media:
Email: media@shoals.com
Forward-looking statements
This press release contains forward-looking statements that are based on the beliefs and assumptions of our management and on information currently available to our management. Forward-looking statements include information about our CEO succession, including Mr. Whittaker’s plans and the search for a new CEO, our possible or anticipated future results of operations, business strategies, technological developments, financing and investment plans, dividend policy, competitive positions, industry and regulatory environment, potential growth opportunities and the effects of competition. Forward-looking statements include statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan” , ” “potential”, “anticipate”, “project”, “seek”, “should”, “will”, “would” or similar expressions and negatives of those terms.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks and uncertainties include changes in Mr. Whittaker, the inability to find a new CEO, the impact of the succession announcement on the Company’s stock and its employees, suppliers and customers, as well as other risks and uncertainties described in the Company’s most recent reports. Annual Report on Form 10-K and subsequent filings with the Securities and Exchange Commission. Given these uncertainties, you should not place undue reliance on forward-looking statements. Also, forward-looking statements represent the beliefs and assumptions of our management only as of the date of this report. You should read this press release with the understanding that our actual future results may differ materially from what we expect.
Except as required by law, we undertake no obligation to update these forward-looking statements, or to update any reasons that could cause actual results to differ materially from those projected in these forward-looking statements, even if new information becomes available in the future.
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