SunPower suspends global manufacturing, cuts back on employee work schedules and CEO pay

The coronavirus pandemic continues its ravenous impacts on the solar industry, and this time, its caught up with SunPower.

According to a filing with the SEC, the company is suspending global product manufacturing services.

The factories affected include locations in France, Malaysia, Mexico, the Philippines, and the U.S.

The company is also implementing work cutbacks for all employees and reducing the salaries of its key executives.

SunPower reduced the pay for its two CEOs by 50 percent and decreased the pay for its three executive vice presidents by 35 percent.

These measures will stay in place until certain financial milestones are achieved.

While the Company expects to have existing inventory to meet customer needs, it is still very optimistic that demand will return with the waning of the pandemic.