Big Story 10

SunEdison names successor to CFO

(Reuters) - Troubled U.S. solar company SunEdison Inc named a successor to Chief Financial Officer Brian Wuebbels, who will take over as chief executive of its two units.

Ilan Daskal, who will join by April 4, will become the company’s CFO when Wuebbels moves to TerraForm Power Inc and TerraForm Global Inc - SunEdison’s dividend-paying units, or “yieldcos”.

Shares of SunEdison, a maker of solar power plants and wind energy plants, fell nearly 3 percent in opening trading on Friday. The stock had fallen more than 90 percent in the 12 months to Thursday’s close.

Daskal, currently the interim CFO of engineering services and software company Aricent, will also be the executive vice president of SunEdison.

Heavily indebted SunEdison has delayed filing its annual report as it investigates concerns raised by former executives over the accuracy of its financial position.

The company has also been facing issues at TerraForm Power. Four of the unit’s board members as well as the chief executives of both TerraForm Power and TerraForm Global resigned in November.

In January, TerraForm Power came under fire from David Tepper-led hedge fund Appaloosa Management LP, which objected to the unit buying some assets of solar panel installer Vivint Solar Inc as a part of SunEdison’s acquisition of Vivint. Appaloosa had then said the asset purchase would alter TerraForm Power’s business model and force it to take on debt.

Vivint has since terminated the deal with SunEdison.

SunEdison’s shares were trading at $1.76, while TerraForm Power shares were up about 1 percent at $10.11.

Reporting by Arathy S Nair in Bengaluru; Editing by Kirti Pandey