Solaredge Technologies CEO Steps Down; Shares Surge 14.9%

By Tamara Parker • Monday, August 26 07:51 • Permanent Link

Solaredge Technologies, Inc. has announced a leadership transition plan, with Zvi Lando stepping down as CEO. The company's board of directors has initiated a search for a new CEO and appointed Ronen Faier, the former Chief Financial Officer, as the interim CEO. Ariel Porat, who previously served as the Senior Vice President of Finance, has been appointed as the new CFO.

Ronen Faier, who has been with Solaredge since 2011, has a background in finance and has also served as the general manager of the Solaredge storage division. He holds a CPA (Israel) license, an MBA from Tel Aviv University, and a B.A. in accounting and economics from the Hebrew University in Jerusalem.

Ariel Porat, the new CFO, has over a decade of leadership and finance experience in various industries and global corporations. Prior to joining Solaredge, he held leadership positions at Siemens Energy and Siemens Israel.

The company expressed its gratitude for Zvi Lando's contributions as CEO over the past five years and his role in Solaredge's growth into a global smart energy technology company. Lando will remain a member of the board of directors and serve as an advisor to the management team.

In terms of financial performance, no specific figures were provided in the press release. However, the company has expressed confidence in the trajectory they are on and the improvement trend. The focus areas and trajectory defined during Lando's tenure as CEO are expected to continue under the new leadership.

Solaredge Technologies, Inc. is a global leader in smart energy technology, focusing on creating smart energy solutions that power lives and drive future progress. The company's intelligent inverter solution aims to maximize power generation while lowering the cost of energy produced by photovoltaic systems. Additionally, Solaredge addresses a broad range of energy market segments through its solutions for PV, storage, EV charging, batteries, electric vehicle powertrains, and grid services. Today the company's shares have moved 14.9% to a price of $28.77. For more information, read the company's full 8-K submission here.

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