SolarEdge appoints new CEO – Globes

After three months as interim CEO, energy technology company SolarEdge Technologies (NASDAQ: SEDG) has announced that chief marketing officer Shuki Neel will take over the post permanently. It was only 6 months. He will succeed interim CEO Ronen Faier and will remain with the company as an advisor during the transition period. Mr. Fayer himself replaced Zvi Rand in August 2024. Mr. Rand held the position for five years. Mr. Nill will become CEO and also serve as a member of the Board of Directors, replacing Mr. Rand.

Nir holds an MBA, LLB, and Bachelor’s degree in Accounting from Tel Aviv University. He has acted as a strategic consultant for international companies (including SolarEdge itself) and served on the boards of several publicly traded companies, including IronSource (NYSE: IS) (sold) and Kornit Digital (NASDAQ: KRNT). Ta. Following SanDisk’s acquisition of M-Systems, he spent eight years as General Manager of the Consumer Business at SanDisk (Nasdaq: SNDK). “He led a strategic transformation and turnaround of a loss-making division, resulting in a profitable global market leader with $2 billion in sales,” SolarEdge’s appointment announcement said.

A similar challenge awaits Nir at SolarEdge. The company has been suffering from a market downturn for more than a year, leading to declining revenues, turning losses, and losing market share. While SolarEdge stock has recovered some from its lows last month, the company’s market capitalization still stands at just $815 million after peaking at more than $19 billion three years ago.

SolarEdge’s slump was the result of inventory accumulation at distributors leading to a decline in new orders, and general market demand also slowed. The company has cut its workforce twice this year. In January, the company laid off 900 employees, 550 of them in Israel, and in July, half of its 400 employees were laid off in Israel. The company recently announced the closure of its loss-making non-solar energy storage business, which will result in an additional 500 job cuts, and the Azrieli Group has begun looking for a sub-tenant for the campus it is building in Grillot. . .

Commenting on Nir’s appointment, SolarEdge Chairman Avery More said, “SolarEdge has gained a proven and proven leader in Shuki, and we are pleased to announce him as our new CEO. After researching and evaluating several excellent external and internal candidates, Mr. Shuki stood out.” With his outstanding leadership, operational expertise, and ability to build high-performing teams, he has already served as CMO and understands our operations, values, and strategic goals. SolarEdge is on its way to the next stage of growth. ”

Ronen Faier also expressed his gratitude for his contributions as interim CEO and as the company’s CFO over the years. “We are pleased that Mr. Ronen will remain with the company as an advisor during the transition period to ensure a seamless transition,” he added.

More himself recently became chairman. The company’s veteran director replaces Nadaf Zafrir, who takes over as CEO of cybersecurity company Check Point (NASDAQ: CHKP) from Gil Shwed.

Nir himself said, “I am honored to have the opportunity to lead SolarEdge at such a critical time for the company and the industry. Developing and expanding available energy technologies.” It’s truly inspiring to see how electricity is used in every aspect of our lives. With our superior technological capabilities, best-in-class product lineup, and highly talented team, we believe we have all the key ingredients to strengthen our market position and continue to deliver value. Masu. our customers, employees and shareholders. ”

SolarEdge stock is up more than 1% in premarket trading.

Published by Globes, Israel Business News – en.globes.co.il – on December 5, 2024.

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