David Bywater named as interim CEO
May 2 (Reuters) – Vivint Solar Inc said Chief Executive Greg Butterfield is stepping down, nearly two months after the solar panel installer terminated a deal to be acquired by SunEdison Inc.
On Monday, the Utah-based company also named David Bywater as interim CEO. He joins from Vivint Smart Home, where he has served as chief operating officer since 2013.
Vivint Smart Home is owned by Blackstone Group, which is also the majority shareholder in Vivint Solar.
Greg Butterfield led Vivint during its initial public offering in October 2014.
SunEdison had in July 2015 agreed to buy the company in a deal valued at about $2.2 billion. However, Vivint terminated the deal in March after SunEdison failed to close on the planned acquisition.
SunEdison filed for Chapter 11 bankruptcy protection in April after a short-lived but aggressive binge of debt-fueled acquisitions proved unsustainable.
The solar energy installation and maintenance company says it will begin search for a permanent CEO in the coming weeks.
(Reporting by Arathy S Nair in Bengaluru; Editing by Sriraj Kalluvila)