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Wuebbels resigns as CEO at TerraForm yieldcos after 4-month helm

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Wuebbels resigns as CEO at TerraForm yieldcos after 4-month helm

Monthsafter taking the helmat the companies, Brian Wuebbels has resigned as president, CEO and boarddirector of TerraForm PowerInc. and TerraFormGlobal Inc., according to a March 30 statement.

Thedevelopment follows the March 11 announcement that he was being as replaced asCFO at SunEdisonInc., the yieldcos' sponsor, though the timing of that changeremains unclear. Wuebbels was still listed as CFO on SunEdison's website, buthad been removed from the websites of TerraForm Power and TerraForm Global.SunEdison did not immediately respond to a request for comment.

Wuebbelsassumed the roles at the yieldcos in November 2015, replacing Carlos Domenechas part of a series of senior management and board changes that were describedas a way to better align the yieldcos with SunEdison.  

Anoffice of the chairman has been created to lead the two SunEdison Inc. yieldcoson an interim basis. Peter Blackmore, an independent director and chairman ofTerraForm Power and Terraform Global, will lead the new office of the chairman.He will be joined by fellow independent directors Christopher Compton, HanifDahya and Jack Jenkins-Stark.

Effective immediately, Ilan Daskal, interim CFO ofengineering and services firm Aricent Inc., joins the yieldcos' board ofdirectors. Daskal was recently appointed CFO designee and executive vice president of SunEdison,with a scheduled start date of no later than April 4.

"Allof the independent directors of the company will continue to work with me inactively providing direction and oversight to management. In addition, thecompany's directors are mindful of their fiduciary duties and are committed toacting in the best interests of the company and all of its shareholders,"said Blackmore.

SunEdisonshares sank to a 52-weeklow on March 29 after it was reported the SEC is investigating thecompany's cash disclosures and TerraForm Global warned that the projectdeveloper could be headed for bankruptcy.

SunEdison'sdramatic collapse started in July 2015 when a costly buying spree collided witha downturn in the yieldco market. At the end of September 2015, SunEdison had$11.74 billion in total debt and $9.9 million in earnings before interest,taxes, depreciation and amortization, according to S&P Global MarketIntelligence. The company has not released financial results for the fourthquarter of 2015.

TerraFormGlobal shares were up about 7.3% at $2.34 as of 7:18 p.m. ET and TerraFormPower stock was also up after-hours, rising 3.10% to $8.64.SunEdison shares were down about 1% at 59 cents after-hours, following a 2.8%rise in regular trading.