SolarCity Names CFO As President Is Set To Leave

SolarCity Corp. said Wednesday that President Tanguy Serra, who also oversaw finance, will leave the company at the end of the year, as the company is expected to be acquired by Tesla Motors Inc. . The clean energy company said it promoted Radford Small to chief financial officer. Small, who joined SolarCity from Goldman Sachs, was previously executive vice president of global capital markets at Tesla. SolarCity's stock, which gained 0.8% in premarket trade, has plunged 61% year to date through Tuesday, while Tesla shares have lost 14% and the S&P 500 has gained 5.7%. Separately, SolarCity said it has partnered with Citigroup Inc. to create funds to finance over $347 million in solar projects.