Spruce Power Appoints Thomas Cimino as CFO
Spruce Power announced that Thomas Cimino has been appointed CFO, effective immediately. Cimino had served as interim CFO since June. Cimino brings more than 25 years of senior financial leadership experience, including CFO roles at Vantage Drilling International and AEI Services.
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Spruce Power Expands Cost-Effective Service Model to California
- Cost Reduction: Spruce Power has successfully reduced operating and maintenance costs by approximately 25% through its in-house service teams in New Jersey, establishing a strong foundation for expansion into California.
- Efficiency Improvement: The New Jersey team has enhanced scheduling and inventory management, resulting in shorter repair cycles and improved system availability, which directly boosts asset value and revenue potential.
- Market Expansion: Spruce plans to replicate this successful service model in California, initially covering the area from San Diego to Los Angeles, with plans to scale operations as they mature over time.
- Strategic Advantage: By vertically integrating its services, Spruce not only enhances its own capabilities but also creates opportunities to service third-party assets, further leveraging its fixed-cost operational infrastructure.
Spruce Power Declines 2% Following Appointment of Thomas Cimino as Permanent CFO
Company Update: Spruce Power Holding Corporation (SPRU) has appointed Thomas Cimino as its permanent Chief Financial Officer, transitioning from his previous role as interim CFO.
Stock Performance: Following the announcement of Cimino's permanent appointment, SPRU shares fell by 2.17%, trading at $5.18.
Cimino's Responsibilities: In his new role, Cimino will continue to oversee finance, accounting, capital markets, and strategic initiatives for the company.
Disclaimer: The views expressed in the article are those of the author and do not necessarily reflect the opinions of Nasdaq, Inc.
