Array Technologies' board of directors will begin the process of identifying a new CEO after Jim Fusaro announced this week he plans to retire from the Albuquerque-based company on or before Dec. 31, 2022.
Fusaro has led Array Technologies as CEO since June of 2018 when he left Avnet as the SVP for IoT and global design solutions.
“It has been a privilege to lead Array over the past four years, but the time is right for me to think about spending more time with my family," said Fusaro, who began his aerospace career in 1985. "By bringing great products to market and maintaining a relentless focus on our customers, we have become the U.S. market leader. We successfully navigated an extraordinarily challenging supply chain environment brought on by the pandemic. And now with the acquisition of STI, we have created the global leader in trackers.”
The acquisition Fusaro mentioned is that of Soluciones Técnicas Integrales Norland, S.L., an overseas solar tracker company. The deal, announced on Nov. 11, is expected to close in the first quarter of next year for €351,000,000 — roughly $399.6 million as of Nov. 15 — plus nearly 13.9 million shares of Array's common stock.
The announcement came a week after Array Technologies reported its financial results for the third quarter of this year, during which revenue increased 38% over the same time period last year to total $192.1 million. Operating expenses stood at $25.4 million for the quarter, according to Array.
Array Technologies went public in October 2020 and subsequently announced the opening of a facility for researching, developing and field testing solar tracker technology in Phoenix. The company also said it turned to steel producer Nucor Corp. to supply materials for Array's production of brackets, clamps and other components.
As of the end of last year, Array Technologies had 389 full-time employees, according to a registration statement filed with the U.S. Securities and Exchange Commission in March.
