Brian Wuebbels, the CFO of SunEdison, the largest renewable-energy firm in the world, will leave the company.
He will be replaced by Ilan Daskal no later than April 4.
Wuebbels will remain at SunEdison as president and CEO of TerraForm Power and TerraForm Global, SunEdison’s two subsidiaries created to manage SunEdison projects.
Those companies are known as yieldcos.
SunEdison has seen its stock price collapse by over 90% since July. A defunct attempt to acquire Vivint, a residential-solar company, revealed to investors that the yieldco model was obscuring the fact that SunEdison was actually cash-poor.
Since then it has been a story of corporate shake-ups and stock slides, Wall Street scalps taken and lawsuits. Wuebbels was appointed CEO of TerraForm Power and TerraForm Global in November.
Here’s the full release on his departure as CFO:
MARYLAND HEIGHTS, Mo., March 11, 2016 /PRNewswire/ — SunEdison, Inc. (NYSE: SUNE), the largest global renewable energy development company, today announced that Ilan Daskal has been appointed chief financial officer designee and executive vice president, effective upon his start with the company, no later than April 4, 2016. Brian Wuebbels will remain SunEdison’s chief financial officer until Daskal and SunEdison agree to remove the designee title. Wuebbels will then leave his position as SunEdison’s chief financial officer to focus his fulltime efforts as the president and chief executive officer of TerraForm Power and TerraForm Global.
“SunEdison is excited to bring Ilan on board as our chief financial officer designee,” said Ahmad Chatila, SunEdison’s chief executive officer. “Ilan brings to us a deep, successful broad-based finance track record. As we navigate through the challenges faced by the company, his experience will be invaluable. We thank Brian for his service as SunEdison’s chief financial officer and wish him every success as he moves fulltime to TerraForm Power and TerraForm Global.”
“I look forward to focusing my full time efforts to drive shareholder value at TerraForm Power and TerraForm Global,” said Brian Wuebbels, TerraForm Power’s and TerraForm Global’s chief executive officer. “Despite the current challenges in the yieldco space, the team and I believe there is significant value in the companies given their geographic diversity and balanced mix of contracted solar and wind power plants.”
“I am thrilled to join Ahmad and the team at SunEdison,” said Ilan Daskal, SunEdison’s newly appointed chief financial officer designee. “I am excited about the long-term prospects of the company and the renewable energy industry.”
Daskal, 50, is presently the interim chief financial officer of Aricent, a product engineering services company and a board member and chairman of the audit committee of Ixia, a leading provider of network testing, visibility, and security solutions. Prior to his current role, he acted as executive vice president and chief financial officer of Cepheid, a molecular diagnostic company. From 2008 to 2015, Daskal was the executive vice president and chief financial officer at International Rectifier Corporation, a leader in power management semiconductor technology, which was acquired by Infineon for $3 billion in 2015. Prior to joining International Rectifier, from 2001 to 2008 Daskal worked at Infineon Technologies in various capacities, most recently as the vice president, finance and business administration, communications division, North America, in addition to earlier positions as chief financial officer at both Savan Communications Ltd. and Smartlink Ltd.
Mr. Daskal holds a Bachelor of Business degree in Accounting from Tel-Aviv College of Management, Israel and a Master of Science degree in Finance from the City University of New York.