Vivint workers install solar panels.
Photograph by Anne Cusack — LA Times via Getty Images
By Reuters
May 2, 2016

Vivint Solar said Chief Executive Greg Butterfield is stepping down, nearly two months after the solar panel installer terminated a deal to be acquired by SunEdison.

Vivint Solar on Monday also named David Bywater as interim CEO. He joins from Vivint Smart Home, where he has served as chief operating officer since 2013.

Vivint Smart Home is owned by Blackstone Group, which is also the majority shareholder in Vivint Solar.

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Butterfield led Vivint Solar during its initial public offering in October 2014.

SunEdison had in July 2015 agreed to buy Vivint Solar in a deal valued at about $2.2 billion. However, Vivint Solar terminated the deal in March after SunEdison failed to close on the planned acquisition.

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SunEdison filed for Chapter 11 bankruptcy protection in April after a short-lived but aggressive binge of debt-fueled acquisitions proved unsustainable.

Vivint Solar said on Monday it will begin search for a permanent CEO in the coming weeks.

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