SolarEdge’s CEO Zvi Lando has resigned from his position as part of a leadership transition
Its outgoing CFO Ronen Faier has taken over as the interim CEO in the meantime
Senior VP Finance Ariel Porat has been announced as the company’s new CFO
Israel-headquartered solar PV inverter manufacturer SolarEdge Technologies has announced a leadership transition with its Chief Executive Officer (CEO) Zvi Lando stepping down from the position. He is being replaced by the company’s outgoing Chief Financial Officer (CFO) Ronen Faier on an interim basis.
Lando joined SolarEdge as its VP, Global Sales in 2009. A decade later in 2019, he took over as the acting CEO when the company’s Founder, Co-Chairman and CEO Guy Sella took ill and eventually passed away (see SolarEdge Founder Guy Sella Passes Away).
He will continue to remain a member of the Board of Directors and an advisor to the management team during the leadership transition.
“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,” said Lando. “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.”
SolarEdge’s new Interim CEO Faier has been with the organization since 2019 when he joined the storage division. The company’s Senior VP Finance Ariel Porat has been announced as the company’s new CFO.
The board has initiated a search for a new CEO with the support of a leading global executive search firm.
SolarEdge recently reported a 73% annual drop and a 30% sequential decline in its revenues for Q2 2024 with $265.4 million. Solar segment revenues of $241.2 million went up 27% sequentially but declined 75% annually. With inventories still being cleared, the company continues to under-ship.
In January 2024, it announced a restructuring plan and job cuts to align cost structure to the current market dynamics (see SolarEdge Announces Restructuring Plan To Cut Costs).