SunEdison CEO Ahmad Chatila, who led the financial engineering behind the renewable energy developer’s rapid ascent and then fall into bankruptcy, has resigned, effective immediately, the company announced Wednesday.
John Dubel, who became the company’s chief restructuring officer shortly after the company filed for Chapter 11 bakruptcy protection in April, will take over as CEO.
Maryland Heights-based SunEdison filed for bankruptcy protection April 21 after investors lost confidence in its complex financial engineering and began questioning the company’s projections. That followed several years as an investor darling, when it was able to make big acquisitions and finance a huge buildout of solar power. Less then a year ago, its stock traded at over $30.
It has since become one of the largest bankruptcies in recent history, seeking to restructure some $12 billion in debt.
Read more: St. Louis Post-Dispatch