Pineapple Energy (NASDAQ: PEGY) stock surged in pre-market trading on Monday following the abrupt resignation of CEO Kyle Udseth.
On Friday, Pineapple Energy (PEGY) announced a significant change in its executive leadership. Chief Executive Officer (CEO) Kyle Udseth has resigned from his position, effective immediately. This unexpected development prompted a swift response from investors, driving the stock price up by 17.36%.
Scott Maskin, a Board Member and the Founder of SUNation Energy will step in as the Interim Chief Executive Officer for Pineapple Energy.
SUNation Energy, a regional solar company based in Long Island, NY, was acquired by Pineapple Energy in November 2022. Mr. Maskin, who founded SUNation in 2003, brings 23 years of experience in the solar industry to his new role.
Chairman Roger Lacey expressed confidence in the leadership transition, stating,
“The solar space is turbulent; however, we remain committed to restoring shareholder value and executing on the Pineapple roadmap. We are fortunate to be able to lean on a proven leadership team and fully support Mr. Maskin to take the helm during this period of transition. I thank Kyle for the work he has done these past four years. I, along with the Board of Directors, wish him well in his next endeavor.”
Kyle Udseth has been with Pineapple Energy since its founding in 2020, playing a crucial role in steering the company through its formative years.
Pineapple Energy (NASDAQ: PEGY) Stock Movement
As of 07:15 a.m. (Eastern Time) Monday, PEGY stock traded at $0.1237, marking a 17.36% increase compared to the previous trading session. This surge reflects investor optimism regarding the company’s future under new leadership and its continued commitment to the solar industry.
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