Today SunEdison announced that it has terminated Carlos Domenech Zornoza, who served as President & CEO of TerraForm Power, CEO of TerraForm Global and Executive VP of SunEdison. The company appointed SunEdison Chief Financial Officer (CFO) Brian Wuebbels to replace Domenech as CEO of yieldcos TerraForm Power & TerraForm Global.
This was accompanied by a shift in board positions, with Peter Blackmore leaving the SunEdison board to chair the boards of TerraForm Power & TerraForm Global, the company’s two yieldcos. Additionally Steven Tessoire has left the boards of the two yieldcos, but will remain on the SunEdison board. Finally, SunEdison has promoted Board Chair Emmanuel Hernandez to Executive Chairman.
The move follows a shift in strategy in recent months amid a crisis in stock price. In early October, SunEdison announced that it would halt yieldco drop-downs and lay off 15% of its global workforce. In the company’s Q3 results earlier this month SunEdison CEO Ahmad Chatila ensured investors that he was moving towards a more boring company.
SunEdison stock is at an all-time low, and the management has to make some quick changes, Mercom Capital CEO Raj Prabhu told pv magazine. This move looks like it is part of it.
To gain back investor confidence, SunEdison has to restructure quickly. It might be a smart move to bring someone who can run TerraForm as a dull, dividend-yielding energy/finance company.
While it was not mentioned in a regulatory filing, St. Louis Buiness Journal reports that Rebecca Cranna has been appointed CFO of TerraForm Power.