January 24, 2016 / 7:34 PM / 2 years ago

Greenlight Capital to take a board seat at SunEdison: WSJ

David Einhorn, founder and president of Greenlight Capital, speaks during the Sohn Investment Conference in New York in this file photo dated May 4, 2015. REUTERS/Brendan McDermid

(Reuters) - SunEdison Inc SUNE.N will give hedge fund Greenlight Capital a board seat after a decline in the solar company’s stock price and the departure of some senior officials, the Wall Street Journal reported on Sunday, citing people familiar with the matter.

Greenlight, which owned about 8 percent of the company as of Jan. 11, is likely to appoint a director from outside of the hedge fund, the Journal said, citing one of the people.

Billionaire investor David Einhorn’s Greenlight Capital first disclosed a stake in SunEdison in its first quarter 2014 investor letter, saying the fund had bought shares at an average price of $15.55/share.

A spokesman for SunEdison declined to comment.

Greenlight Capital could not immediately be reached for comment.

(This version of the story corrects that director will likely be from outside of Greenlight, not SunEdison, in 2nd paragraph)

Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Jonathan Oatis

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