Sunedison Inc (NYSE:SUNE), the largest global renewable energy development company, today announced that Ilan Daskal has been appointed chief financial officer designee and executive vice president, effective upon his start with the company, no later than April 4, 2016. Brian Wuebbels will remain SunEdison’s chief financial officer until Daskal andSunEdison agree to remove the designee title. Wuebbels will then leave his position as SunEdison’s chief financial officer to focus his fulltime efforts as the president and chief executive officer of TerraForm Power and TerraForm Global.
“SunEdison is excited to bring Ilan on board as our chief financial officer designee,” said Ahmad Chatila, SunEdison’s chief executive officer. “Ilan brings to us a deep, successful broad-based finance track record. As we navigate through the challenges faced by the company, his experience will be invaluable. We thank Brian for his service as SunEdison’s chief financial officer and wish him every success as he moves fulltime to TerraForm Power and TerraForm Global.”
“I look forward to focusing my full time efforts to drive shareholder value at TerraForm Power and TerraForm Global,” said Brian Wuebbels,TerraForm Power’s and TerraForm Global’s chief executive officer. “Despite the current challenges in the yieldco space, the team and I believe there is significant value in the companies given their geographic diversity and balanced mix of contracted solar and wind power plants.”
“I am thrilled to join Ahmad and the team at SunEdison,” said Ilan Daskal, SunEdison’s newly appointed chief financial officer designee. “I am excited about the long-term prospects of the company and the renewable energy industry.”
Daskal, 50, is presently the interim chief financial officer of Aricent, a product engineering services company and a board member and chairman of the audit committee of Ixia, a leading provider of network testing, visibility, and security solutions. Prior to his current role, he acted as executive vice president and chief financial officer of Cepheid, a molecular diagnostic company. From 2008 to 2015, Daskal was the executive vice president and chief financial officer at International Rectifier Corporation, a leader in power management semiconductor technology, which was acquired by Infineon for $3 billion in 2015. Prior to joining International Rectifier, from 2001 to 2008 Daskal worked atInfineon Technologies in various capacities, most recently as the vice president, finance and business administration, communications division, North America, in addition to earlier positions as chief financial officer at both Savan Communications Ltd. and Smartlink Ltd.
Mr. Daskal holds a Bachelor of Business degree in Accounting from Tel-Aviv College of Management, Israel and a Master of Science degree in Finance from the City University of New York. (Original Source)
Shares of SunEdison are up nearly 3% in pre-market trading. SUNE has a 1-year high of $33.45 and a 1-year low of $1.21. The stock’s 50-day moving average is $2.17 and its 200-day moving average is $5.72.
On the ratings front, SunEdison has been the subject of a number of recent research reports. In a report issued on March 9, FBR analyst Carter Driscoll reiterated a Buy rating on SUNE, with a price target of $7, which represents a potential upside of 288.9% from where the stock is currently trading. Separately, on March 8, J.P. Morgan’s Paul Coster downgraded the stock to Sell .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Carter Driscoll and Paul Coster have a total average return of -16.5% and -7.3% respectively. Driscoll has a success rate of 26.7% and is ranked #3572 out of 3700 analysts, while Coster has a success rate of 43.9% and is ranked #3528.
Overall, 3 research analysts have rated the stock with a Sell rating, 8 research analysts have assigned a Hold rating and 4 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $4.46 which is 147.8% above where the stock closed yesterday.
SunEdison Inc is a developer and seller of photovoltaic energy solutions, an owner and operator of clean power generation assets. The Company is also engaged in the development, manufacture and sale of silicon wafers to the semiconductor industry.