Israeli solar energy company SolarEdge Technologies (Nasdaq: SEDG) CEO Zvi Lando has announced that he is stepping down. CFO Ronen Faier, who also recently announced that he is stepping down after 13 years, has been appointed interim CEO. The company's board of directors is working with a global consultancy company to find a new CEO, while Ariel Porat, the former head of Siemens Israel has been appointed CFO.
The company has been hit over the past year by falling orders from overstocked distributors, and consequently revenue and profit have been down, with two rounds of layoffs implemented.
SolarEdge chairman Nadav Zafrir (who was recently appointed Check Point CEO) said, "On behalf of the board, we are incredibly grateful for Zivi’s contributions as CEO over the past 5 years and for the 10 years prior as VP Global Sales. Zivi was instrumental in SolarEdge's growth into a world-class, global smart energy technology company. We are pleased that Zivi will remain a board member and special advisor to the company."
Lando said, "The road to a full recovery of SolarEdge is still ahead of us and to drive this recovery at a fast pace requires new energy and leadership. As such, I have decided to resign from my position as CEO. I am confident the focus areas we have defined and the trajectory we are on will continue the improvement trend."
Faier said that it is a great honor for him to lead the company during the transition period and that he thanked Lando on behalf of all the company's employees for his contribution, his leadership, his dedication and his friendship.
Lando was appointed CEO in 2019, shortly after the death of the founder and former CEO Guy Sella. Under Lando's leadership, SolarEdge's share price soared to a peak that gave the company a $20 billion market cap and made it Israel's most valuable company. But the market cap has since plunged to just $1.5 billion, although it has recovered slightly recently to $1.65 billion.
Published by Globes, Israel business news - en.globes.co.il - on August 26, 2024.
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