SolarCity CFO to Leave; COO Promoted to President

SolarCity Corp. has promoted its chief operations officer to president and said its chief financial officer plans to step down in February, according to a regulatory filing.

Tanguy Serra, the former chief executive of fellow solar energy company Vivint Solar and vice president of private-equity investment firm TPG Capital LP, will continue to oversee SolarCity's operations while taking on the company's structured finance, asset management and investor relations.

He joined SolarCity in May 2013 as executive vice president of operations. Mr. Serra's pay and benefits package were yet to be finalized, the solar company said Tuesday in filing with the Securities and Exchange Commission.

Chief Financial Officer Brad Buss told the company Monday that he planned to step down in February, when the company reports its year-end results. Mr. Buss will stay on as an adviser to the company for the rest of 2016, the company said.

Based in San Mateo, Calif., SolarCity is chaired by Elon Musk , chief executive of Space Exploration Technologies (SpaceX) and Tesla Motors Inc.

Shares of the company, already down 47% this year, fell 3.3% to $27.62 in late trading.

Write to Maria Armental at [e-mail]

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(END) Dow Jones Newswires

November 24, 2015 20:15 ET (01:15 GMT)

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