Spruce Power Holding Corporation Appoints Thomas Cimino as Interim Chief Financial Officer Following Departure of Sarah Wells
Spruce Power Holding Corporation (NYSE: SPRU), a leading owner and operator of distributed solar energy assets across the United States, announced the appointment of seasoned finance executive Thomas Cimino as its Interim Chief Financial Officer (CFO), effective June 5, 2025. This appointment follows the departure of Sarah Wells, who served as CFO since 2022 and has now left the company to pursue a new opportunity in the private sector.
The company emphasized that it has initiated a comprehensive executive search to identify a permanent CFO, with the goal of selecting a candidate who aligns with Spruce’s long-term financial and strategic goals in the clean energy industry. In the interim, Thomas Cimino will be responsible for overseeing all financial functions, including capital markets activity, investor relations, corporate finance, and accounting operations.
Transition Leadership in a Critical Growth Phase
In announcing the leadership change, Spruce Power’s Chief Executive Officer Chris Hayes expressed confidence in Cimino’s appointment and praised the depth and breadth of his experience. “With significant experience as a senior-level finance executive, Thomas is adept at navigating complex business environments with a strong focus on operational efficiencies and executing growth strategies,” said Hayes. “I am confident that his extensive financial expertise makes him the right choice to guide us during this transition, while we continue to execute on our strategic priorities.”
This leadership shift occurs at a crucial juncture for Spruce Power, which is actively expanding its residential solar and energy efficiency services platform through both organic growth and targeted acquisitions. Cimino’s appointment is designed to ensure continuity in financial oversight while the company progresses toward key milestones in its long-term plan to build a more sustainable, reliable, and cost-efficient distributed energy network.
About Thomas Cimino: A Career Spanning Over Two Decades in Corporate Finance
Thomas Cimino brings more than 25 years of experience in finance, accounting, and corporate strategy to his interim role at Spruce. Throughout his career, he has demonstrated strong leadership in financial reporting, internal controls, budgeting, strategic planning, and capital markets transactions. His diverse industry background, spanning the energy, infrastructure, and financial services sectors, positions him well to provide immediate and effective oversight of Spruce’s financial operations.
Cimino has held multiple C-suite and senior financial roles throughout his career. He served as the Chief Financial Officer of Vantage Drilling International, a global offshore drilling contractor, where he was responsible for guiding the company through a complex financial restructuring and capital markets realignment. Prior to that, he was CFO of AEI Services, an energy company with operations across Latin America, where he played a key role in capital allocation and performance management across a portfolio of infrastructure assets.
In another prominent role, Cimino was Executive Vice President of Finance and Administration for EnfraGen, a developer and operator of power generation and grid stability assets in Latin America. There, he helped drive improvements in financial systems and controls while supporting aggressive growth initiatives and external partnerships.
Earlier in his career, Cimino served in several respected public and private institutions. He worked at the U.S. Securities and Exchange Commission (SEC), where he developed a strong understanding of regulatory compliance and investor protections—skills that are especially valuable for a publicly traded company like Spruce. He was also a Director in PricewaterhouseCoopers’ Global Capital Markets Group, advising multinational corporations on cross-border transactions, and began his career at KPMG in public accounting.
Cimino holds a Bachelor of Science degree in Accounting from Pennsylvania State University and an MBA from Rice University, where he graduated with honors. His combination of technical financial knowledge and strategic leadership will be instrumental in supporting Spruce’s financial governance and reporting obligations, as well as guiding investor communication during this transitional period.
Navigating Strategic Financial Goals Amid Industry Evolution
Cimino’s appointment comes at a time when the distributed solar and home energy market is undergoing a wave of transformation fueled by evolving policy incentives, technological advancements, and increasing consumer demand for clean energy solutions. Spruce Power has positioned itself at the forefront of this shift by acquiring residential solar portfolios and integrating energy efficiency solutions to deliver greater value to homeowners and investors.
The company has focused on scaling its platform through disciplined capital allocation, operational integration, and data-driven asset management. With Cimino at the financial helm, Spruce aims to strengthen its internal financial processes and ensure transparency and rigor in reporting, which are critical as the company continues to operate under public scrutiny and regulatory oversight.
As interim CFO, Cimino will also play a key role in managing Spruce Power’s relationships with institutional investors and the broader financial community. His prior experience with capital markets—particularly in navigating restructurings, public offerings, and mergers—will serve the company well as it explores future growth opportunities.
Spruce’s board of directors expressed appreciation for Cimino’s willingness to step into the interim role, citing his readiness to contribute immediately without the need for a lengthy onboarding process. The board also acknowledged the contributions of Sarah Wells, noting her leadership in building out Spruce’s financial systems following its de-SPAC transaction and public market debut. During her tenure, Wells oversaw major improvements in internal controls and helped steer the company through a dynamic period of transformation.
Search for a Permanent CFO
While Cimino’s interim role is expected to span several months, Spruce is conducting an executive search to identify a permanent CFO with a strong blend of operational and strategic acumen. The company has engaged a leading executive search firm to ensure a broad and inclusive search process.
According to insiders, the ideal candidate will have a background in clean energy, infrastructure finance, or residential services, along with proven public company experience and a demonstrated ability to drive long-term shareholder value. The company intends to prioritize candidates who align with its mission of delivering sustainable, scalable solutions to modernize energy infrastructure at the household level.
