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Vivint Solar appoints David Bywater president/CEO

Vivint Solar Inc. on Dec. 19 announced that industry veteran David Bywater was appointed as president and CEO on a permanent basis, after having served as the company's interim CEO since May 2.

Bywater replaced Greg Butterfield, who resigned following the collapse of Vivint Solar's planned merger with SunEdison Inc. During his term as interim CEO, Bywater spearheaded improvements in the company's installation process, rationalized its cost basis and re-established closer collaboration with Vivint Smart Home.

As President and CEO, Bywater will receive $660,000 as his annual base salary, with annual target incentive payments equal to $650,000. His 2016 annual bonus totals $346,667.

Bywater previously served as COO of APX Group Inc., the parent company of Vivint Inc. He also served as an executive vice president and corporate officer for Xerox and was the COO of its $1.8 billion state government services business.

In November, Vivint reported a third-quarter loss of $39.3 million, down from $50.3 million a year earlier, as the company continues to grapple with its failed deal with the now-bankrupt SunEdison.