Solar-power developer SunEdison Inc. and affiliated companies TerraForm Power Inc. and TerraForm Global Inc. made several management changes Monday as the companies continue to try to win back investor interest.

The companies said SunEdison Chief Financial Officer Brian Wuebbels will become chief executive for TerraForm Power and TerraForm Global. He will continue as SunEdison CFO. Mr. Wuebbels succeeds Carlos Domenech, who was CEO of both TerraForm companies.

Shares of SunEdison jumped 12% in early trading, while TerraForm Power fell 3.8% and TerraForm Global declined 1%.

The TerraForm companies said that the changes are "aimed at aligning the company's strategic focus around acquiring projects from its sponsor, SunEdison, with less reliance on third-party acquisitions."

SunEdison and the TerraForm companies also said Peter Blackmore would leave SunEdison's board and become chairman for both TerraForm Power and TerraForm Global. Rebecca Cranna is the new chief financial officer for both TerraForm firms, succeeding Alejandro Hernandez. The companies also announced other board changes.

In October, SunEdison said it planned to revamp its business strategy and cut 1,000 jobs, or about 15% of its workforce. SunEdison said it will build 20% fewer green energy projects than it had previously announced. SunEdison shares are down 86% year-to-date.

SunEdison also said in October that, in a shift in strategy, it wouldn't necessarily sell all of its projects to the TerraForm companies. SunEdison had originally spun off the TerraForm companies as "Yieldcos." SunEdison would sell its built solar and wind farms to the affiliated companies so that they could own and operate power plants and pay a reliable dividend. Both companies's shares are down more than 60% since August.

Write to Austen Hufford at austen.hufford@wsj.com

 

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(END) Dow Jones Newswires

November 23, 2015 11:15 ET (16:15 GMT)

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