UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 9, 2016
SolarCity Corporation
(Exact name of registrant as specified in its charter)
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Delaware |
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001-35758 |
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02-0781046 |
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(State or other jurisdiction |
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(Commission |
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(IRS Employer |
3055 Clearview Way
San Mateo, California 94402
(Address of principal executive offices, including zip code)
(650) 638-1028
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 5.02 |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Appointment of Toby Corey as President of Global Sales and Customer Experience
On June 9, 2016, SolarCity Corporation (“SolarCity”) announced the appointment of Toby Corey as President of Global Sales and Customer Experience.
Mr. Corey, 54, co-founded and has served as the chief executive officer of Tuul, Inc., a business-to-consumer mobile automation platform, since April 2014. Prior to that, Mr. Corey served as our Chief Revenue Officer from January 2012 until September 2013. Since September 2011, Mr. Corey has served as an adjunct professor at Stanford University teaching management science and engineering. Mr. Corey previously served as chief executive officer of Intend Change Group, Inc., a venture capital construction company launching new start-ups, from September 1999 to December 2011, and as co-founder, president and chief operating officer of USWeb Corporation, an internet services firm, from September 1995 to September 1999. Mr. Corey holds a bachelor’s degree in economics and computer science minor from Southern Connecticut State University.
Mr. Corey has no family relationships with any director, executive officer, or person nominated or chosen by SolarCity to become a director or executive officer of SolarCity. Mr. Corey is not a party to any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
Retirement of Hayes Barnard as Chief Revenue Officer; Transition Agreement
On June 9, 2016, Hayes Barnard retired as Chief Revenue Officer of SolarCity. Mr. Barnard will remain an employee of SolarCity through July 31, 2016.
SolarCity anticipates entering into a Transition, Retention, Separation Agreement and Release with Mr. Barnard. SolarCity will file an amendment to this Current Report on Form 8-K disclosing the terms of any such agreement.
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Item 8.01 |
Other Events. |
On June 9, 2016, SolarCity issued a press release announcing the hiring of Mr. Corey and retirement of Mr. Barnard. A copy of the Company’s press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
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Item 9.01 |
Financial Statements and Exhibits. |
(d) Exhibits:
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Exhibit No. |
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Description |
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99.1 |
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Press Release dated June 9, 2016 |
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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SolarCity Corporation |
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By: |
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/s/ Lyndon Rive |
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Lyndon Rive |
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Date: June 10, 2016 |
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Chief Executive Officer |
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Exhibit No. |
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Description |
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99.1 |
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Press Release dated June 9, 2016 |
Exhibit 99.1
SolarCity Appoints Toby Corey President of Global Sales and Customer Experience
SAN MATEO, Calif., June 9, 2016 – SolarCity (Nasdaq: SCTY), America’s number one solar power provider, today announced the appointment of Toby Corey as president of global sales and customer experience. Mr. Corey will oversee SolarCity’s sales, marketing and customer service organizations in his new role, and report to CEO Lyndon Rive.
Mr. Corey returns to reprise an extremely successful tenure at the company. As head of sales and marketing organizations in 2012 and 2013, he dramatically increased SolarCity’s sales, and reduced its customer acquisition cost to a record low of 41 cents per watt in the third quarter of 2013, his last with the company.
“Toby is a phenomenal executive, one of the best I’ve ever worked with, and he’s incredibly passionate about climate change and creating the perfect customer experience,” said SolarCity CEO Lyndon Rive. “He knows our business extremely well and was incredibly successful in his time here, and he has a strong track record of helping global organizations achieve even greater levels of success. He’s the perfect candidate to lead our sales and services organization as we work to balance growth and profitability.”
Prior to his tenure at SolarCity, Mr. Corey co-founded USWeb/CKS, and, as president and COO, grew the company into the world’s largest Web development firm, with a quarter of the Fortune 100 among its customer base. Prior to USWeb, he served as vice president of Novell’s $1.2 billion NetWare systems business. Mr. Corey teaches a course on entrepreneurship at Stanford University, and has also served on the board of directors of WildlifeDirect.org, where he has worked with Chairman Dr. Richard Leakey on efforts to preserve species diversity.
“I’ve never been more excited about SolarCity’s potential than I am today,” said Corey. “SolarCity is the undisputed leader in rooftop solar, and I’ll be laser focused on creating the perfect customer experience.”
Mr. Corey takes over for Chief Revenue Officer Hayes Barnard, who is retiring from SolarCity after a brief transition period. Mr. Barnard and his team helped SolarCity triple annual installations from approximately 287 megawatts in 2013 to approximately 869 megawatts in 2015. He also launched the GivePower Foundation, where as president he oversaw the Foundation’s work to provide renewably-powered lighting to more than 1,600 schools and medical facilities in the developing world.
About SolarCity
SolarCity (NASDAQ: SCTY) provides clean energy. The company has disrupted the century-old energy industry by providing solar power to homeowners, businesses and government organizations for less than they spend on utility bills. SolarCity gives customers control of their energy costs to protect them from rising rates. The company makes solar energy easy by taking care of everything from design and permitting to monitoring and maintenance. Visit the company online at www.solarcity.com and follow the company on Facebook & Twitter.
This release contains forward-looking statements including, but not limited to, statements regarding growth and cost reductions. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward looking statements. You should read the section entitled "Risk Factors" in SolarCity's quarterly report on Form 10-Q, which has been filed with the Securities and Exchange Commission and identifies certain of these and additional risks and uncertainties. We do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
Media Contact
Molly Canales
650-963-5674
press@solarcity.com