Reuters: Regulatory News: Enphase Energy names CFO

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Enphase Energy names CFO Sep 27th 2012, 11:18 Sept 27 | Thu Sep 27, 2012 7:18am EDT Sept 27 (Reuters) - Solar inverter maker Enphase Energy Inc named Kris Sennesael as chief financial officer, replacing Sanjeev Kumar, effective immediately. Sennesael joins from semiconductor firm Standard Microsystems, where he served as CFO. Sennesael will get $450,000 in salary and bonus, and receive restricted stock units and stock options over the next four years, Enphase said in a regulatory filing. He is eligible to 150,000 shares of the company's common stock and 150,000 restricted stock units. The company in August said CFO Sanjeev Kumar had decided to leave the company. The U.S. solar sector has seen a string of departures over the past year, demonstrating a lack of faith among executives that the sector can recover from a supply glut that has hammered share prices. Almost all the top U.S.-listed solar companies, including First Solar Inc, SunPower Corp, Canadian Solar Inc and JA Solar Holdings Co, have seen either their CEO or CFO leave over the past year. The company's shares, which have lost about half of their value in the past five months, closed at $4.75 on Wednesday on the Nasdaq.

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