Xcel has appointed its new chief executive, who previously served as Xcel’s vice president of global business development and acquisitions.

Mark J. Zappala, the former CFO of energy giant SolarCity, will be responsible for the company’s strategy, acquisitions, finance and growth, according to a statement from Xcel.

Xcel is looking for someone with a background in energy and business, said the statement.

Zapps’ previous roles include being CFO at CECO Energy, CFO and vice president at SolarCity.

He joined Xcel in 2010.

Xsra Energy shares rose 0.4% to $9.85 in midday trading on the New York Stock Exchange.

Energy stock index SPX, -0.06% shares dropped 1.5% to close at $19.50.

The Nasdaq composite index SPV, -1.13% jumped 0.3% to 1,971.57.