CEO of SunEdison's Spinoffs Leaves

SunEdison Inc.'s spinoffs TerraForm Global Inc. and TerraForm Power Inc. have shifted charge of day-to-day operations to a newly formed "office of the chairman" following the abrupt departure of their chief executive, the companies said Wednesday.

No reason was given for CEO Brian Wuebbels' departure, and it was unclear whether he remained employed at SunEdison, where he has most recently held the title of chief financial officer and executive vice president.

Mr. Wuebbels couldn't be reached for comment Wednesday.

Asked about Mr. Wuebbels' employment at SunEdison, company spokesman Ben Harborne said: "I can't comment beyond what's on the press release," referring to a March 11 announcement when the company said it had hired Ilan Daskal as its new CFO designee, effective April 4.

Mr. Wuebbels, the company said at the time, was to "focus his fulltime efforts" as president and CEO of the SunEdison's spinoffs but would remain SunEdison's CFO until Mr. Daskal and SunEdison agreed to remove the designee title. No time frame was given.

On Wednesday, TerraForm Global and TerraForm Power said Mr. Daskal had joined their boards effective immediately and said Chairman Peter Blackmore would lead the office of the chairman, overseeing the spinoffs' day-to-day work on a temporary basis. Fellow independent directors Christopher Compton, Hanif Dahya and Jack Jenkins-Stark will also join the office, the companies said.

Missouri-based SunEdison has been roiled by financial woes, forcing it to delay required annual regulatory filings and pushing down its stock 88% over the past three months.

On Monday, The Wall Street Journal reported the Securities and Exchange Commission was investigating whether SunEdison had overstated the amount of its available cash and, citing people familiar with the matter, said the company was working with advisers on a potential bankruptcy filing. The Journal, citing anonymous sources, reported that SunEdision had direct access to about $100 million in cash by November, not $1.4 billion as company officials reported on a Nov. 10 earnings call. The larger figure, according to the Journal's sources, included money that was earmarked for construction projects and debt service.

Shares of TerraForm Global rose 9% to $2.37 while TerraForm Power's rose 3% to $8.64 in after-hours trading. SunEdison's stock, meanwhile, fell 0.9% to 58 cents.

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

March 30, 2016 22:15 ET (02:15 GMT)

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