SunEdison CEO Steps Down; Appoints Chief Restructuring Officer

by San Antonio Attorney

SunEdison Inc.  has been in turmoil since it filed for bankruptcy, and most recently, the renewable energy company’s Chief Executive Ahmad Chatila has resigned.

Chatila left the position on June 22, 2016 and was replaced by John Dubel, the chief restructuring executive of the company.

Dubel has been with since April 29, 2016.

He said in a statement that while SunEdison is gliding the Chapter 11 bankruptcy process, their priority is to develop its strengths and improve operations to create a better future for the company.

Based on documents filed with the Securities and Exchange Commission, the exiting CEO will not collect severance pay and his decision to step down was not caused by any differences with the company.

It has been more than ten years since the Missouri-based solar energy company subjugated the business of financing, developing, creating and operating green energy projects for institutions, businesses, and utilities.

However, the company shares dropped 95% on March 22, 2016 after it was reported that SunEdison was planning to restructure.  The company suffered very much from this and it also came under inquiry from the SEC and Department of Justice over issues concerning the business’ financial practices and how much cash it had when its stock started to plummet.

On April 21, 2016, SunEdison filed for Chapter 11 bankruptcy.

According to Michael Morosi, a Wall Street analyst at Avondale Partners, the change in SunEdison’s leadership will just help the company get through bankruptcy more efficiently.

Their main concern right now is not creating a business strategy, but moving the assets through the bankruptcy process, said Morosi.

Chatila had been the CEO of SunEdison since 2009.  Before he joined the company, he served as Executive Vice President of Cypress Semiconductor Corporation.

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