Yesterday we reported that Ahmad Chatila, SunEdison CEO, was still employed as CEO.
SunEdison is reporting that president and CEO Ahmad Chatila has resigned, effective June 16, as per the SEC 8-K document.
According to the document, "In accordance with the employment agreement by and between the Company and Mr. Chatila, dated as of February 4, 2009 and as amended on January 29, 2010 and as further amended on March 10, 2015, Mr. Chatila will not receive severance payments. Mr. Chatila’s resignation was not due to any disagreement with the Company."
John Dubel, SunEdison's chief restructuring officer, will lead the company from that role.
At least someone will profit from the bankruptcy of the world's largest renewable developer -- Dubel is paid a monthly fee of $175,000.
Additionally, "Dubel will be entitled to a restructuring fee of $4,000,000 upon the earlier to occur of (a) the effective date of a plan of reorganization or liquidation (a “Plan”) that restructures or otherwise provides treatment for all or substantially all of the Company’s equity interests and liabilities and (b) the sale, transfer, or other disposition of all or substantially all of the Company's assets or equity interests in one or more transactions (a "Sale"). The restructuring fee shall be reduced by one-half (1/2) of each monthly fee paid to Mr. Dubel for any month beginning nine (9) months after April 29, 2016. Mr. Dubel also may be entitled to an additional fee (the “Contingent Restructuring Fee”) in an amount determined by the independent directors of the Board of Directors of SunEdison, subject to certain notice provisions. In addition to the fees set forth above, the Company shall pay directly or reimburse Mr. Dubel upon receipt of periodic billings, for all reasonable out-of-pocket expenses incurred in connection with his assignment."
Micah Myers, previously with Spruce and CPF, is now CEO at Pace Avenue, "an integrated customer acquisition platform dedicated to PACE financing." The company aims to sign up homeowners for PACE financing "and help them plan projects and find good contractors." Also involved in this effort (as executive chairman) is Silicon Valley serial entrepreneur Gary Kremen, who founded dating website Match.com and Clean Power Finance (now Spruce Finance) and is credited as the primary inventor on a 1995-filed patent for dynamic web pages.
Beamreach Solar, formerly Solexel, promoted Mark Kerstens to CEO. Kerstens has been at Solexel for six years, most recently serving as both chief sales and marketing officer and CFO. Prior to Beamreach, he was with BP Solar. Former CEO Michael Wingert is moving to the role of chairman of the board. Beamreach Solar has a new lightweight photovoltaic module, a new CEO, and a new business plan to go along with its new name and the $240 million in venture capital it has spent so far. The newly christened Beamreach is still a PV cell manufacturer, but the company's initial product is a bit of a pivot. It's going after the "underserved" commercial and industrial rooftop market with a lightweight, easy-to-install module.
Spruce Finance, a provider of consumer financing for residential solar and home efficiency improvements, hired Darren Thompson as CFO. Most recently, he served as CFO and executive VP of strategy at B2R Finance, a technology-enabled lending platform. Previously, he was the CFO at Revolution Money, a fintech and payments company bought by American Express in 2010.
Residential solar firm Sungevity hired Angel Fierro, most recently executive VP and head of corporate development at South Louisiana Methanol. Before that, Fierro was head of alternative energy at Global Hunter Securities, and previously worked on renewable energy M&A at Credit Suisse, as reported in SparkSpread.
Ecoppia added Nalin Sharma as VP for its Indian and Asian region. The firm has developed a robotic, water-free solar array cleaning method for "even the toughest desert conditions." Sharma was an early employee at SunEdison Asia and drove channel strategy at Tata Power Solar.
Trae Vassallo, previously a partner at KPCB and investor in firms such as Nest, Dropcam and Fisker, has joined with former General Catalyst partner Neil Sequeira to found an early-stage VC firm called Defy.vc, reports Fortune's Dan Primack. The firm is targeting $150 million for its debut fund with a focus on connected software.
Sarah Krulewitz is now a summer associate at GTM.
From last week's column:
Toby Corey has rejoined SolarCity as president of global sales and customer experience. Corey was head of SolarCity's sales and marketing organizations in 2012 and 2013. Earlier this month SolarCity relaunched its residential PV loan with a simpler, shorter-term structure.
Rick Winter, the COO of flow battery firm UniEnergy Technologies (UET), has assumed the role of president as well. Previously, Winter managed Pacific Gas & Electric’s energy storage program and held executive positions at Primus Power, Deeya Energy (now Imergy) and PowerCell (now Vionx). UET claims to have 80 megawatt-hours' worth of energy storage systems deployed, ordered and awarded.
TenKsolar named Jeffrey Hohn as CEO. Hohn previously served as VP and GM of 3M's renewable energy division. TenK offers high-efficiency photovoltaic systems for commercial rooftops, carports and ground-mount projects. Investors include Goldman Sachs, Oaktree Capital Management and Greencoat Capital.