Sunnova Energy Strengthens Governance with Appointment of Two Independent Directors to Guide Strategic and Financial Future
Sunnova Energy International Inc. (“Sunnova” or the “Company”), a recognized leader in adaptive energy services, announced the appointment of two accomplished professionals, Tony Horton and Jeffrey S. Stein, as independent Class I directors to its Board of Directors. This strategic move comes at a critical juncture for the Company as it seeks to reinforce its capital structure, evaluate strategic alternatives, and enhance long-term shareholder value. Both new directors bring decades of experience in financial strategy, corporate transformation, and governance, which Sunnova believes will add substantial value to the Company’s ongoing initiatives and future direction.
Experienced Leadership to Navigate Transformation and Growth
The inclusion of Mr. Horton and Mr. Stein to the Board marks a significant step in Sunnova’s continuing evolution as a leader in clean, distributed energy services. Their expertise complements the current board composition and is particularly timely as the Company navigates dynamic market conditions, evaluates its financial structure, and explores opportunities for growth and resilience.
Tony Horton is a seasoned executive with over 25 years of experience in energy and technology sectors, specializing in leadership during periods of organizational change and financial restructuring. Currently serving as the Chief Executive Officer of AR Horton Advisors, Mr. Horton also contributes his insights as the Lead Independent Director at Team, Inc., and serves as an Independent Director for both Equiniti Trust Company and Talen Energy Corporation. His diverse experience includes key senior leadership positions at Energy Future Holdings Corporation and TXU Energy, where he played instrumental roles in managing complex corporate challenges, capital optimization, and restructuring efforts.
Mr. Horton is recognized for his hands-on approach to business transformation, risk management, and strategic planning, having successfully guided numerous organizations through financial turnarounds, regulatory environments, and shareholder engagement strategies. His extensive track record in both public and private boardrooms brings to Sunnova an invaluable perspective on enhancing operational performance and aligning governance practices with long-term objectives.
Jeffrey S. Stein brings a complementary background in investment, financial advisory, and corporate governance. With more than three decades of experience, Mr. Stein has built a reputation as a trusted advisor and seasoned executive across multiple industries, including energy, financial services, and technology. He is the Founder and Managing Partner of Stein Advisors LLC, a financial advisory firm that works closely with both public and private companies, as well as institutional investors, particularly in the areas of capital markets, restructuring, and special situations.
Mr. Stein also currently serves as Chairman of the Board of Directors of Ambac Financial Group, Inc., where he has played a leading role in driving strategic and financial initiatives. Throughout his career, Mr. Stein has distinguished himself as a forward-thinking strategist capable of navigating distressed markets, complex capital structures, and high-stakes negotiations with an eye toward long-term shareholder value. His expertise in distressed debt, equity markets, and mergers and acquisitions further reinforces Sunnova’s ability to engage effectively with financial partners and stakeholders.
Formation of Special Committee to Oversee Capital Strategy
In tandem with these new appointments, Sunnova has established a Special Committee of the Board of Directors. This committee will be composed solely of Mr. Horton and Mr. Stein and is tasked with evaluating the Company’s capital structure, financial health, and potential strategic alternatives. The Special Committee’s scope includes reviewing, negotiating, and recommending potential transactions that may affect the Company’s stakeholders, including equity holders, creditors, and strategic partners.
The creation of this Special Committee is a proactive governance step aimed at ensuring that any material decisions related to the Company’s financial trajectory are handled with independence, transparency, and a strong fiduciary focus. The experience of Mr. Horton and Mr. Stein in corporate restructuring, mergers, acquisitions, and stakeholder negotiations positions them ideally to oversee such efforts. Their independent status further ensures objectivity in analyzing the Company’s options during this pivotal period.
Additionally, both directors will take on key roles across other board committees. Mr. Horton will serve on the Audit Committee and the Compensation and Human Capital Committee, reflecting his deep understanding of financial controls, performance incentives, and human capital management. Mr. Stein will join the Audit Committee and the Nominating, Corporate Governance and Sustainability Committee, bringing his insights into corporate governance, board composition, and sustainable strategy development.
Board Transitions and Continued Leadership
As part of these governance changes, Sunnova also announced the resignations of two directors: Mary Yang, effective April 11, 2025, and Akbar Mohamad, effective April 7, 2025. Both Ms. Yang and Mr. Mohamad served on Sunnova’s Board during a period of strategic growth and industry transformation. The Company expressed its gratitude for their service and dedication, highlighting their meaningful contributions to board deliberations, oversight, and company strategy. Sunnova wishes them continued success in their professional and personal endeavors.
To maintain an equitable distribution of board membership among its three director classes, the Company also announced a change in board classification for its Chief Executive Officer, Paul Mathews. Mr. Mathews has been reappointed as a Class III Director, moving from his previous role as a Class I Director. This reclassification does not affect Mr. Mathews’s responsibilities or his service on the Board, which continues uninterrupted.
As CEO, Mr. Mathews remains at the helm of Sunnova’s strategic leadership, overseeing its financial performance, operational execution, and corporate vision. His deep understanding of the Company’s mission—to deliver reliable, affordable, and clean energy solutions to consumers across the U.S.—positions him to continue driving growth and innovation at a time when the distributed energy industry is undergoing rapid transformation.
Reaffirming Governance and Strategic Discipline
These director appointments and board changes come amid broader efforts by Sunnova to strengthen its corporate governance framework and demonstrate a steadfast commitment to transparency, accountability, and stakeholder engagement. By aligning its leadership team with professionals who have proven track records in navigating complex capital markets and restructuring scenarios, Sunnova is reinforcing its focus on long-term value creation and prudent risk management.
The Board of Directors remains committed to collaborating closely with management and external advisors to evaluate all opportunities that support the Company’s mission and financial sustainability. In particular, the Board is focused on stabilizing the Company’s capital structure, improving liquidity, and pursuing strategic opportunities that will benefit customers, employees, investors, and partners alike.
Sunnova’s Vision for a Resilient Energy Future
As the energy landscape continues to evolve—with a growing emphasis on renewable technologies, customer-centric solutions, and decentralized infrastructure—Sunnova aims to remain at the forefront of this transition. The Company offers a broad suite of services, including solar, battery storage, energy management systems, and energy-as-a-service solutions, all designed to empower consumers and increase energy independence.
The recent governance changes are a reflection of Sunnova’s readiness to adapt, evolve, and thrive in a complex environment. With the added leadership of Tony Horton and Jeffrey Stein, Sunnova is equipped with the strategic depth and financial acumen needed to navigate forthcoming challenges and capture emerging opportunities in the renewable energy sector.
As the Company continues its journey toward operational excellence and financial strength, it remains committed to its core values: innovation, customer empowerment, and environmental responsibility. Sunnova’s Board and management team are aligned in their belief that with the right leadership, strategic discipline, and stakeholder collaboration, the Company can secure a sustainable and impactful future in the clean energy space.
