SunEdison's TerraForm Affiliates Shake Up Management
November 23 2015 - 11:30AM
Dow Jones News
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
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
November 23, 2015 11:15 ET (16:15 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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