CEO Brian Wuebbels of SunEdison’s subsidiaries TerraForm Power and TerraForm Global resigned on Wednesday evening, paving way for the board of directors to run both the firms on an interim basis.
The change of management adds to the woes of the company which is on the brink of filing for bankruptcy.
The resignation of the CEO reflects on a previously failed attempt by the company to acquire Vivint Inc., but could have been hastened by renewed legal threats from billionaire shareholder David Tepper of hedge fund Appaloosa Management, who holds a 9.5% stake in subsidiary TerraForm Power.
Tepper had sued SunEdison during its takeover of Vivint in January which also saw opposition from the board of TerraForm. Although Tepper was unable to block the acquisition in a Delaware court, the deal eventually did not go through owing to SunEdison’s financial situation