SolarCity Corporation announced the promotion of current COO Tanguy Serra to the new role of President, and the retirement plan of CFO Brad Buss.
Tanguy Serra will be reporting to CEO Lyndon Rive. He joined SolarCity in May 2013 as executive vice president of operations, and was promoted to COO in February 2014. He successfully helped reduce the company’s installation costs from an average of US$2.96 per watt in 2013 to US$1.92 per watt in 3Q15. In the meantime, the company’s installation tripled in volume. As SolarCity’s new president, he will continue to oversee SolarCity's operations and management for structured finance, asset management and investor relations organizations.
Before entering SolarCity, Serra worked as CEO of Vivint Solar from 2004 to 2011, and had served as Vice President of TPG Capital, L.P., a private equity investment firm, before 2004. Prior to TPG Capital, Serra held financial analyst positions with Morgan Stanley Capital Partners and Merrill Lynch. He has years of experiences in solar operation as well as finance management, investment and analysis.
"SolarCity's mission to accelerate clean energy adoption is among the most important to the future of the planet of any business in any industry," said Serra. "I am grateful for the trust Lyndon and the SolarCity team have put in me, and I look forward to driving the company's mission on a global basis."
On the other hand, Brad Buss will remain as CFO until the completion of SolarCity’s financial report for the fiscal year 2015, which could be in nearly February in 2016, and will still act as an adviser through 2016 for a smooth transition.