Zvi Lando steps down as CEO, and Company
initiates a search for new CEO
Ronen Faier, previously Chief Financial
Officer, appointed Interim CEO
Ariel Porat, Senior VP Finance, appointed CFO
as part of the Company’s previously announced CFO Succession
Plan
SolarEdge Technologies, Inc. (“SolarEdge”) (NASDAQ: SEDG), a
global leader in smart energy technology, announced that Zvi Lando
has stepped down as SolarEdge’s Chief Executive Officer. The
Company's Board of Directors has initiated a search for a new CEO
with the support of a leading global executive search firm, and has
appointed Ronen Faier, previously Chief Financial Officer, to serve
as Interim Chief Executive Officer, effective today. Zvi Lando will
remain a member of the Board of Directors. He will also serve as an
advisor to the management team to support the leadership
transition.
In conjunction with this transition and as part of the Company’s
CFO transition plan, the Board of Directors has appointed Ariel
Porat, formerly the Company’s Senior Vice President of Finance, to
serve as Chief Financial Officer, effective today.
“On behalf of the Board, we are incredibly grateful for Zivi’s
contributions as CEO over the past 5 years and for the 10 years
prior as VP Global Sales,” said Nadav Zafrir, Chairman of the Board
of Directors. “Zivi was instrumental in SolarEdge's growth into a
world-class, global smart energy technology company. We are pleased
that Zivi will remain a Board member and special advisor to the
Company.”
“Following many years of service as the Company’s CFO, I am
honored to lead SolarEdge in this transition period,” said Ronen
Faier. “I would also like to thank Zivi, on behalf of SolarEdge and
its employees, for his countless contributions, years of
leadership, dedication, and friendship.”
“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.”
About Ronen Faier
Mr. Ronen Faier joined SolarEdge in 2011 as our Chief Financial
Officer and served as the General Manager of the SolarEdge Storage
Division between 2019 and 2023. Prior to joining SolarEdge, Mr.
Faier served from 2008 to 2010 as the Chief Financial Officer of
modu Ltd, a privately owned Israeli company. Between 2004 and 2007,
Mr. Faier held several senior finance positions, including Chief
Financial Officer at Msystems prior to its acquisition by SanDisk
Corporation in 2006.
Mr. Faier also serves as a member of the board at Monday.com and
at Kaltura, Inc. He holds a CPA (Israel) license, an MBA (with
Honors) from Tel Aviv University and a B.A. in Accounting and
Economics from the Hebrew University in Jerusalem.
About Ariel Porat
Mr. Ariel Porat has more than a decade of leadership and finance
experience in various industries and global corporations. Prior to
joining SolarEdge as SVP Finance, he was Head of Europe Region for
Siemens Energy. Prior to that position, Mr. Porat was CEO of
Siemens Israel from 2020-2021, and prior to that served as the CFO
of Siemens Israel from 2017-2020. Porat holds an MBA from INSEAD in
France and a Bachelor’s degree in Industrial Engineering &
Management from Tel Aviv University.
About SolarEdge
SolarEdge is a global leader in smart energy technology. By
leveraging world-class engineering capabilities and with a
relentless focus on innovation, SolarEdge creates smart energy
solutions that power our lives and drive future progress. SolarEdge
developed an intelligent inverter solution that changed the way
power is harvested and managed in photovoltaic (PV) systems. The
SolarEdge DC optimized inverter seeks to maximize power generation
while lowering the cost of energy produced by the PV system.
Continuing to advance smart energy, SolarEdge addresses a broad
range of energy market segments through its PV, storage, EV
charging, batteries, electric vehicle powertrains, and grid
services solutions. SolarEdge is online at www.solaredge.com.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995
This release contains forward-looking statements which are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
include information, among other things, concerning: management
transitions, our possible or assumed future results of operations;
future demands for solar energy solutions; business strategies;
technology developments; financing and investment plans; dividend
policy; competitive position; industry and regulatory environment;
general economic conditions; potential growth opportunities; and
the effects of competition. These forward-looking statements are
often characterized by the use of words such as "anticipate,"
"believe," "could," "seek," "estimate," "expect," "intend," "may,"
"plan," "potential," "predict," "project," "should," "will,"
"would" or similar expressions and the negative or plural of those
terms and other like terminology.
Forward-looking statements are only predictions based on our
current expectations and our projections about future events. These
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause our actual results,
levels of activity, performance or achievements to be materially
different from those expressed or implied by the forward-looking
statements. Given these factors, you should not place undue
reliance on these forward-looking statements. These factors
include, but are not limited to, the matters discussed in the
section entitled "Risk Factors" of our Annual Report on Form 10-K
for the year ended December 31, 2023, filed on February 26, 2024
and our quarterly reports filed on Form 10-Q, Current Reports on
Form 8-K and other reports filed with the SEC. All information set
forth in this release is as of August 26, 2024. The Company
undertakes no duty or obligation to update any forward-looking
statements contained in this release as a result of new
information, future events or changes in its expectations.
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version on businesswire.com: https://www.businesswire.com/news/home/20240826028910/en/
SolarEdge Press Contact: Lily Salkin Senior Manager Global PR
Lily.salkin@solaredge.com
SolarEdge Investor Contact JB Lowe Head of Investor Relations
investors@solaredge.com
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