Carl Weatherley-White, the former head of project finance at Lehman Brothers and Barclays, has resigned from his position as ceo of solar developer VivoPower.
The company announced the resignation on Feb. 26. He left the company by mutual agreement with the board in light of the firm's focus on winding down its solar portfolio in the U.S., said Art Russel, VivoPower's cfo in London, who is taking over as interim ceo.
The company is in the process of selling its entire 1.8 GW (DC) U.S. development portfolio and recently received letters of intent from potential buyers of projects totaling 103 MW (DC).
VivoPower acquired the portfolio in 2017 from Innovative Solar Systems (PFR, 4/18/17) but initiated a strategic review and sale process last year.
The Nasdaq-listed company said that five potential investors had progressed to the final stage of that process in a Nov. 12 investor presentation. However, the company subsequently opened up the process to allow for sales of individual assets or clusters, said Russel. This process led to the recently received LOIs.
"We would like to thank Carl for his contribution to the Company and while he may still consult for us from time to time in the coming months, we would like to take this opportunity to wish him well for the future," said Kevin Chin, the developer's executive chairman, in a statement.
"We are pleased that Art Russell has agreed to take on the role as interim CEO and he will work closely with Matt Cahir, who has been instrumental in accelerating the sales process and continues to work on a range of other project sales at present," the chairman added.
Cahir is working as a senior adviser to the company on the project sales.
Weatherley-White was one of the most prominent project finance bankers in New York in the late 1990s and 2000s, serving as head of structured finance at Credit Suisse before heading to Lehman Brothers in 2005 as head of project finance.
Following the acquisition of most of Lehman's investment banking business by Barclays during the financial crisis of 2008, he was appointed co-head of the combined energy structured finance group alongside Santino Basile (PFR, 11/14/08).
In 2011, Weatherley-White moved from banking into developing, joining William Kriegel's K Road Power as cfo shortly after Barclays acquired a stake in the company to form a development partnership (PFR, 9/15/11).
He also worked at James Lavelle's Lightbeam Electric Co. for a few years before joining VivoPower in 2016. He had been ceo since October 2017 (PFR, 10/9/17).