PETALUMA, Calif., Aug. 7, 2012 (GLOBE NEWSWIRE) -- Enphase Energy, Inc. (Nasdaq:ENPH), announced today that Chief Financial Officer Sanjeev Kumar, has decided to leave the company later this year. In order to facilitate a smooth transition Mr. Kumar will remain with the Company as Chief Financial Officer during a transition period that is expected to run into the fourth quarter.
"After much consideration, Sanjeev will be leaving Enphase Energy," said Paul Nahi, CEO of Enphase Energy. "He joined us more than two-and-a-half years ago, and has played a significant role in Enphase's growth into a global, public company. He has decided to take time to focus more on his family."
Mr. Nahi continued, "Sanjeev has made important contributions, built an outstanding team and will remain a valued friend of the company."
Commenting on his time with Enphase Energy, Mr. Kumar noted, "I have truly enjoyed my experience at Enphase Energy and am grateful to have had the opportunity to work with so many talented individuals. I believe the company will continue to lead the solar industry and is well positioned for success."
Enphase Energy has engaged an executive recruiting firm to conduct the search for a new chief financial officer.
This press release contains forward-looking statements, including, but not limited to, statements related to Enphase Energy's future financial performance. These forward-looking statements are based on the company's current expectations and inherently involve significant risks and uncertainties. Enphase Energy's actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, the risks detailed in the "Risk Factors" and elsewhere in Enphase Energy'sSecurities and Exchange Commission filings and reports, including its Quarterly Report on Form 10-Q for the quarter ended March
31, 2012, and its Quarterly Report on Form 10-Q for the quarter ended June 30 when it becomes available. Enphase Energy undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.
A copy of this press release can be found on the investor relations page of Enphase Energy's website at investor.enphase.com.
About Enphase Energy, Inc.
Enphase Energy delivers microinverter technology for the solar industry that increases energy production, simplifies design and installation, improves system uptime and reliability, reduces fire safety risk and provides a platform for intelligent energy management. Our semiconductor-based microinverter system converts energy at the individual module level and brings a system-based, high technology approach to solar energy generation. www.enphase.com
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CONTACT: Media Relations
Christine Bennett, Enphase EnergyGlobal Corporate Communications Manager
David Niederman, The Blueshirt Group
Source: Enphase Energy, Inc.
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