Change Of Leadership at Solaredge: Zvi Lando Resigns as Solaredge CEO - Company Begins Search For New CEO - Share Price Drops

Milpitas, USA / Herzliya, Israel- Zvi Lando has resigned as Chief Executive Officer (CEO) of the Israeli solar company Solaredge.

“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. 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,” Lando said of his resignation.

The company's Board of Directors, with the support of a leading global executive search firm, has initiated the search for a new CEO and appointed Ronen Faier, the current Chief Financial Officer (CFO), as interim CEO with effect from yesterday (26.08.2024). The new CFO will be Ariel Porat, formerly Senior Vice President of Finance at Solaredge. Zvi Lando will remain a member of the Board of Directors and will act as an advisor to the management team to support the leadership transition.

“On behalf of the Board, we are incredibly grateful for Zvi’s contributions as CEO over the past 5 years and for the 10 years prior as VP Global Sales. Zvi was instrumental in SolarEdge's growth into a world-class, global smart energy technology company. We are pleased that Zvi will remain a Board member and special advisor to the Company,” said Nadav Zafrir, Chairman of the Solaredge Board of Directors, thanking Lando.

“Following many years of service as the Company’s CFO, I am honored to lead SolarEdge in this transition period. I would also like to thank Zvi, on behalf of SolarEdge and its employees, for his countless contributions, years of leadership, dedication, and friendship,” added interim CEO and former CFO Ronen Faier, who had already announced his resignation as CFO in June.

After the Solaredge share was still one of the best RENIXX stocks last week with a gain of 13.1% to EUR 25.03, it lost 6.1% yesterday to EUR 23.51 (closing price, August 26, 2024). Since the beginning of the year, the share is currently down 73%.

Source: IWR Online, 27 Aug 2024