SolarCity Corp (NASDAQ:SCTY) announced Monday that it has appointed Brad Buss as its new Chief Financial Officer. Buss will replace Bob Kelly, who is retiring later this month. Brad Buss will step in to Kelly’s shoes on August 11. Meanwhile, Kelly will work with the incoming CFO for a few weeks to transition activities.
Brad Buss a ‘perfect fit’ for SolarCity
Brad Buss has worked in the semiconductor and electronics manufacturing industry for more than two decades. He served as CFO of Cypress Semiconductor Corporation (NASDAQ:CY) between August 2005 and June 2014. Before joining Cypress, Buss was the VP of finance at Altera Corporation (NASDAQ:ALTR. At SolarCity, he will oversee the company’s global finance, structured finance, investor relations and accounting. Buss will report directly to CEO Lyndon Rive.
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Buss also sits on the board of Tesla Motors Inc (NASDAQ:TSLA), a company owned by SolarCity chairman Elon Musk. SolarCity CEO Rive said in a statement that Brad Buss is a “perfect fit” for the company’s next stage of growth. The San Mateo-based company recently acquired high-efficiency panel maker Silevo for $200 million to vertically integrate manufacturing in an attempt to bring down costs.
SolarCity to report Q2 results on August 7
The largest U.S. residential solar installer is scheduled to report its second-quarter results on August 7. Analysts expect the company to incur 99 cents a share in Q2 losses, compared to last year’ loss of 43 cents. Meanwhile, revenue is expected to surge 67.5% YoY to from $37.5 million to $63.5 million. Full-year revenues are expected to rise 82% YoY to $298 million. Investors expect SolarCity to reveal more about its plans to build the world’s largest panel manufacturing plant in New York.
A few days ago, SolarCity announced the third round of securitization for $201.5 million. The company had raised $54 million in November 2013 and $70 million in April 2014. SolarCity’s latest and largest round was in two bundles, one of $41.5 million at 5.45% interest rate and another of $160 million at 4.026% interest.
SolarCity shares plunged 2.07% to $68.36 at 10:50 AM EDT on Monday.