iSun CEO Jeff Peck. File photo
by Timothy McQuiston, Vermont Business Magazines iSun, Inc. (NASDAQ: ISUN), a Williston-based solar energy and clean mobility infrastructure company with 50-years of experience, announced Monday a strategic restructuring of its executive team.
Effective immediately, former CEO Jeff Peck is appointed as Chief Executive Officer of iSun, Inc. Additionally, Rob Vanderbeek is appointed as the Interim Chief Financial Officer of iSun, Inc. A press release stated that the restructuring is aimed at driving innovation, enhancing operational efficiency, and ensuring sustained performance in a rapidly evolving market landscape.
Bob Zulkoski will relinquish his role as CEO, which he has held since last month. Since Zulkoski’s appointment March 12, 2024, Peck has played an integral role in supporting the restructuring efforts and has developed a strong working relationship. His deep understanding of the business and commitment to iSun’s vision make him the ideal candidate to lead iSun into its next phase, the press release stated.
“I’m excited to step back into the role of CEO and continue the remarkable journey that Bob has paved for us. Together with our dedicated team, I am committed to driving our company forward, embracing new opportunities, and delivering value to our customers and stakeholders. Our focus remains on innovation, growth, and ensuring that iSun remains a leader in our industry,” said Jeff Peck.
As of Tuesday morning, April 23, 2024, iSun shares are trading near its one-year low at 15 cents. Its 52-week range is $0.1253/$0.7478. Its market cap is $7 million. Its earnings per share is -$3.19. Its 2023 revenues (Annual Report 10-K) were $95.7 million, up from $76.5 million in 2022.
iSun is also involved in a recent lawsuit from the principles of companies it acquired in 2021: SunCommon and Hudson Solar (those firms had merged in 2018).
Regarding the litigation, iSun states in its annual report: "On February 13, 2024, the Company became aware of pending litigation in the U.S. District Court for the District of Vermont, entitled Duane Peterson, James Moore and Jeffrey Irish, solely in their capacity as Shareholder Representative Group v. iSun Inc., alleging breach of contract/collection. iSun Inc.’s responsive pleading was made on March 15, 2024. iSun, Inc. plans to vigorously contest this litigation. At this stage it is not possible to evaluate the likelihood of an unfavorable outcome or provide an estimate of the range of potential loss."
Duane Peterson is a SunCommon co-founder with James Moore and Jeff Irish is the founder of Hudson Solar. SunCommon is based in Waterbury and the SunCommon Hudson Valley Office is based in Kingston, NY.
iSun said it welcomes Vanderbeek to the executive team during this critical period of restructuring and growth. His extensive experience in operational and financial challenges will be invaluable as iSun continues to navigate market dynamics and pursue strategic opportunities.
Rob Vanderbeek brings more than 30 years of restructuring, performance improvement, and corporate finance expertise to iSun. As a partner at Novo Advisors, LLC, he has a deep understanding of various industries, including healthcare, renewable energy, financial services, transportation, manufacturing, real estate, and more. Vanderbeek has led numerous companies through restructuring and sales processes.
Rob Vanderbeek. Novo Advisors, LLC.
With these changes, iSun reaffirms its commitment to excellence and innovation. The press release stated: "We are confident that our restructured executive team will effectively steer the company towards continued success for our customers, shareholders, and employees."
Founded in 2012, Chicago-based Novo Advisors is a business transformation partner specializing in turnarounds and restructurings, performance improvement, transaction advisory, dispute resolution and interim management services for companies with $25 million – $1 billion in revenue.
About iSun, Inc.
Since 1972, iSun has accelerated the adoption of innovations in energy transition and electrification technology. iSun has been the trusted service provider to Fortune 500 companies for decades and has installed clean rooms, fiber optic cables, flight simulators, and over 600 megawatts of solar systems. The Company currently provides a comprehensive suite of solar services across residential, commercial, industrial & municipal, and utility scale projects and provides solar electric vehicle charging solutions for both grid-tied and battery backed solar EV charging systems. iSun believes that the transition to clean, renewable solar energy is the most important investment to make today and is focused on profitable growth opportunities. Please visit www.isunenergy.com for additional information.
Source: 4.22.2024. WILLISTON, Vt.--(BUSINESS WIRE)--iSun, Inc.
