Top management changes at SunEdison's yieldcos

The two yieldcos of SunEdison (NYSE:SUNE) will have a new chairman of the board and a new CEO as part of a management rejig announced today by the US renewables company.

Brian Wuebbels, executive vice president and CFO at SunEdison, will also become the CEO of TerraForm Power (NASDAQ:TERP) and TerraForm Global (NASDAQ:GLBL), with immediate effect. He comes to replace Carlos Domenech, who is leaving all three companies.

Also, Peter Blackmore has stepped down from the SunEdison board and will join both TerraForm Power and TerraForm Global as chairman of the board of directors.

In addition, the SunEdison board has appointed Emmanuel T Hernandez, the company’s current chairman, as executive chairman. In this new role he will work closely with president and chief executive Ahmad R Chatila and the whole management team as SunEdison is working to “improve the alignment and effectiveness of its operating structure, drive operational efficiency and focus on its organic development opportunities”.

October and November proved to be terrible months for SunEdison, with its stock falling to a 52-week low of USD 2.55 from a high of USD 33.45. Last month the firm announced a planned 15% reduction to its workforce, revised down installation projections for 2016 and said it would hold off asset sales to the two yieldcos. It will also narrow its geographic scope, focusing on “high profit-potential markets” such as Latin America, India, the US and China.

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