Israeli solar technology company SolarEdge Technologies Inc. (Nasdaq: SEDG) announced after close of trading last night that co-chairman, CEO and founder Guy Sella's health condition has declined significantly and that he has taken immediate leave of absence to address his health issues. Nearly two years ago, Sella, 54, notified shareholders that he had been diagnosed with cancer but that it could be treated and that he would continue as CEO while undergoing therapy.
The Board of Directors has announced that EVP Global Sales Zvi Lando has been appointed to serve as Acting CEO. Last week Nadav Zafrir, cybersecurity think-tank and fund Team8 founder and former Commander of the IDF's Technology & Intelligence Unit 8200, was appointed co-chairman.
He said, "As is well known, Mr. Lando has been a part of the executive management team since 2009, and has a proven track record on sales and execution. The circumstances of this appointment are very sad. Having said that, the Board of Directors is confident that he will continue to take the company forward on its current path of growth and success."
SolarEdge develops and supplies systems for optimizing and monitoring solar energy. The company's share price rose 3.71% yesterday to $87.85, giving a market cap of $4.214 billion.
Over the past year, the company has expanded its activity through acquisitions in non-solar energy fields. SolarEdge held its Nasdaq IPO in 2015 at $18 a share. After rising in the first two months following the IPO, the trend in the share reversed, with the price falling to a low of $12.30 in late 2016. SolarEdge's share has since recovered, with a 150% return this year and nearly 400% return since the IPO.
Published by Globes, Israel business news - en.globes.co.il - on August 22, 2019
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