SunPower Corp. /zigman2/quotes/200243424/composite SPWR -1.18% said Chairman and Chief Executive Tom Werner will retire from the company. The stock fell 3.4% in premarket trading. The solar and energy storage company said it named Peter Faricy as its CEO, effective April 19, while Werner plans to remain chairman for six months to ensure a smooth transition. After that, the company plans to recombine the positions of chairman and CEO. Faricy was most recently CEO of Global Direct-to-Consumer for Discovery Inc., as he oversaw the businesses including Discovery+, Food Network Kitchen, Eurosport Player and GOLFTV. "The time is right for a new leader to take the reins and set the course for SunPower, especially as we enter a new era of energy solutions and services for our customers," Werner said. "Peter's deep experience creating disruptive sales channels, delivering incredible customer experiences and building iconic brands make him the right person to lead SunPower's next chapter." SunPower's stock has gained 2.8% over the past three months and has rocketed 602.8% over the past 12 months, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.11% has advanced 5.0% the past three months and rallied 57.1% the past year.