Israeli photo voltaic vitality firm SolarEdge Applied sciences (Nasdaq: SEDG) CEO Zvi Lando has introduced that he’s stepping down. CFO Ronen Faier, who additionally not too long ago introduced that he’s stepping down after 13 years, has been appointed interim CEO. The corporate’s board of administrators is working with a world consultancy firm to discover a new CEO, whereas Ariel Porat, the previous head of Siemens Israel has been appointed CFO.
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The corporate has been hit over the previous 12 months by falling orders from overstocked distributors, and consequently income and revenue have been down, with two rounds of layoffs applied.
SolarEdge chairman Nadav Zafrir (who was not too long ago appointed Examine level CEO) stated, “On behalf of the board, we’re extremely grateful for Zivi’s contributions as CEO over the previous 5 years and for the ten years prior as VP World Gross sales. Zivi was instrumental in SolarEdge’s development right into a world-class, international sensible vitality know-how firm. We’re happy that Zivi will stay a board member and particular advisor to the corporate.”
Lando stated, “The highway to a full restoration of SolarEdge remains to be forward of us and to drive this restoration at a quick tempo requires new vitality and management. As such, I’ve determined to resign from my place as CEO. I’m assured the main focus areas we’ve got outlined and the trajectory we’re on will proceed the advance development.”
Faier stated that it’s a nice honor for him to steer the corporate through the transition interval and that he thanked Lando on behalf of all the corporate’s staff for his contribution, his management, his dedication and his friendship.
Lando was appointed CEO in 2019, shortly after the dying of the founder and former CEO Man Sella. Beneath Lando’s management, SolarEdge’s share value soared to a peak that gave the corporate a $20 billion market cap and made it Israel’s Most worthy firm. However the market cap has since plunged to simply $1.5 billion, though it has recovered barely not too long ago to $1.65 billion.
Printed by Globes, Israel enterprise information – en.globes.co.il – on August 26, 2024.
© Copyright of Globes Writer Itonut (1983) Ltd., 2024.
