SolarCity Corp (NASDAQ:SCTY) revealed in its Form 8-K filing with the SEC on February 24 that the company has named Tanguy Serra as its new chief operations officer. The solar company's founding COO Peter Rive will continue to serve as a member of the board and its chief technology officer. Serra joined SolarCity in May 2013 as EVP of operations.
SolarCity COO previously served as CEO of Vivint Solar
According to his LinkedIn profile, Tanguy Serra served as the CEO and board member at Vivint Solar, Inc. between April 2011 and April 2013. Prior to that, he worked at the private equity firm TPG Capital, L.P. as vice president from April 2004 to September 2011. Serra, who has a Bachelor's degree in accounting, started at Merill Lynch as a financial analyst. According to SolarCity Corp (NASDAQ:SCTY)'s filing, Mr. Serra has no family relationships with any of the company's senior executives and directors.
SolarCity Corp (NASDAQ:SCTY) said that Tanguy Serra will receive $250,000 in annual salary. Currently he holds stock options for 413,241 shares of the company, of which 225,000 shares are tied to the achievement of performance goals. While being promoted to COO, Serra was awarded additional stock options on 200,000 shares. Of these, 150,000 shares are linked to the achievement of performance objectives. In both cases, Serra's stock options are subject to his continued employment at SolarCity.
SolarCity to report earnings on March 3
SolarCity Corp (NASDAQ:SCTY) was scheduled to report its fourth quarter and full year results on February 24. But the company delayed its earnings release to March 3, citing accounting issues related to its recent acquisitions. However, the San Mateo-based company released partial earnings. Its Q4 revenues surged 87% to $47.3 million, beating the consensus estimate of $43.4 million. Analysts forecast the solar installer's fourth quarter earnings to come at 55 cents when the company reports its full earnings on March 3 after the bell. For the full year, analysts estimate a net loss of $1.79 a share on revenues of $159.69 million.
SolarCity Corp (NASDAQ:SCTY) shares went up 1.11% to $87.09 at 10:34 AM EST.