NEW YORK (TheStreet) -- TerraForm Power (TERP) stock is falling by 3.26% to $8.90 in late morning trading on Monday, after the clean power company announced a new CEO and management team.
TerraForm, which is operated by the solar energy company SunEdison, reported lower-than-expected earnings earlier this month and its stock has declined about 71% year-to-date.
Brian Wuebbels, the current CFO and executive vice president of SunEdison (SUNE), has been named CEO of TerraForm, effective immediately. The company also named Rebecca Cranna, a senior vice president at SunEdison, as chief financial officer of TerraForm.
Additionally, the company added three new members to TerraForm's Board of Directors and named Peter Blackmore the chairman of the board.
"I firmly believe that TerraForm Power has a tremendous set of assets and a strong position in the market," Blackmore said in a statement. "The changes we announced today will both streamline our operations from a management perspective and create the appropriate checks and balances at the board level."
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