TerraFormPower Inc. appointed Thomas Studebaker as COO and David Rawden asinterim chief accounting officer, effective July 7.
The appointments by the SunEdison Inc. yieldco vehicle come in the wake of amajor management shakeupin late 2015. In November 2015, SunEdison ousted President and CEO CarlosDomenech, replacing him with its own Executive Vice President and CFO Brian Wuebbels.TerraForm Power then announcedin January that Executive Vice President and COO Francisco Perez Gundin hadleft the company.
Wuebbels later resignedfrom TerraForm Power and Peter Blackmore was named interim CEO.
The new appointments of Studebaker and Rawden are pursuantto an engagement letter between TerraForm Power and AP Services LLC, anaffiliate of AlixPartners LLP,TerraForm said in a Form 8-K filed July 7.
Studebaker is a managing director and Rawden a director atAlixPartners, a Boston-based turnaround and restructuring firm. TerraForm Powerhired AlixPartners inFebruary ahead of the April 21 bankruptcyfiling of parent SunEdison. SunEdison's yieldcos TerraForm Powerand TerraForm Global Inc.are excluded from thebankruptcy proceedings.
TerraForm Power will compensate AP Services at a rate of$950 per hour for Studebaker and $830 per hour for Rawden. AP Services may alsoreceive a discretionary "success fee" that TerraForm Power expects torange between $1 million to $2 million assuming a good or expected outcomeduring SunEdison's bankruptcy proceedings.