SolarEdge appoints new CEO – Globes

After three months with an interim CEO, vitality know-how firm SolarEdge Applied sciences (Nasdaq: SEDG) has discovered a everlasting appointment to the submit, specifically Shuki Nir, its chief advertising officer, a place through which he has served solely six months. He’ll exchange interim CEO Ronen Faier, who will keep on with the corporate as an advisor throughout a transition interval. Faier himself changed Zvi Lando in August 2024. Lando served within the submit for 5 years. In addition to turning into CEO, Nir will exchange Lando on the corporate’s board of administrators.

Nir holds an MBA, an LLB, and a BA in accounting from Tel Aviv College. He has acted as a strategic advisor to worldwide firms (together with SolarEdge itself), and has served as a director of a number of listed firms, amongst them IronSource (NYSE: IS) (which was bought) and Kornit Digital (Nasdaq: KRNT). For eight years, he was Basic Supervisor of the patron enterprise at SanDisk (Nasdaq: SNDK), following SanDisk’s acquisition of M-Methods. In response to SolarEdge’s announcement of the appointment, “He led the strategic transformation and turnaround of a loss-making division right into a worthwhile world market chief, with income of $2 billion.”

An identical problem awaits Nir at SolarEdge. For over a 12 months, the corporate has suffered from weak point in its market, resulting in erosion of its income, a change to losses, and lack of market share. SolarEdge’s share worth has recovered considerably from the low to which it sank final month, however the firm nonetheless has a market cap of solely $815 million, after reaching a peak of over $19 billion three years in the past.

SolarEdge’s weak point is a results of an accumulation of shares at its distributors, resulting in a fall in new orders, whereas normal market demand additionally slowed. The corporate has carried out two rounds of layoffs this 12 months. In January, it laid off 900 workers, 550 of them in Israel, and in July it laid off 400 workers, half of them in Israel. It just lately introduced the closure of its loss-making non-solar vitality storage enterprise, which can scale back its workforce by an extra 500 folks, and it has began to search for sub-tenants for the campus being constructed for it by Azrieli Group at Glilot.

SolarEdge chairperson Avery Extra stated of Nir’s appointment, “SolarEdge is gaining an completed and confirmed chief in Shuki, and I’m delighted to announce him as our new CEO. Following a rigorous world search and evaluating a number of excellent exterior and inside candidates, Shuki stood out for his distinctive management, operational experience, and skill to construct high-performing groups. Having served as CMO, he already understands our operations, values, and strategic objectives. We consider Shuki is the correct candidate to guide SolarEdge into its subsequent section of development.”

Extra thanked Ronen Faier for his contribution as interim CEO and his a few years as CFO of the corporate. “We’re happy that Ronen will stay with the corporate as an advisor throughout a transition interval to make sure a seamless transition,” he added.

Extra himself is a current appointment as chairperson. A veteran director of the corporate, he changed Nadav Zafrir, who’s taking on from Gil Shwed as CEO of cybersecurity firm Verify Level (Nasdaq: CHKP).

Nir himself stated “I’m honored to tackle the chance to guide SolarEdge at such a vital time for the corporate and the business. The SolarEdge mission, to develop and scale renewable vitality applied sciences that enhance the way in which we generate, retailer, handle and use electrical energy in each facet of our lives, is really inspiring. With our main technological capabilities, best-in-class product lineup and terribly gifted crew, I consider we have now all the important thing substances to strengthen our market place and proceed to ship worth to our prospects, workers and shareholders.”

SolarEdge’s share worth is up by a bit of over 1% in pre-market buying and selling.

Printed by Globes, Israel enterprise information – en.globes.co.il – on December 5, 2024.

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