TerraForm Power Announces Resignation Of CEO, Shares Gain 3%

TerraForm Power Inc TERP announced Thursday morning that Brian Wuebbels has resigned as President, CEO and member of the company's Board of Directors, effective immediately. Investors and traders appear to have cheered the announcement as TerraForm's stock gained more than 3 percent early Thursday morning. Wuebbels' task will be divided between TerraForm Power's Chairman Peter Blackmore and 3 of the company's independent directors, including Christopher Compton, Hanif Dahya and Jack Jenkins-Stark. The executives will report to the Board of Directors and its committees in a similar manner as a CEO. All other executives will maintain their respective titles and duties. In addition, Ilan Daskal has been appointed as Chief Financial Officer designee and executive vice president of SunEdison. "I look forward to working with my fellow independent directors and the management team as we continue to focus on maintaining the financial and operational strength of TerraForm Power," said Mr. Blackmore. "The board strongly believes that the office of the chairman is well-equipped to oversee the operations of TerraForm Power. All of the independent directors of the Company will continue to work with me in actively providing direction and oversight to management. In addition, the Company's directors are mindful of their fiduciary duties and are committed to acting in the best interests of the Company and all of its shareholders."