SolarEdge shares jump as CEO Zvi Lando steps down

SolarEdge Technologies (NASDAQ:SEDG ) saw its shares jump after the company announced that Zvi Lando has stepped down as its SEO. Ronen Faier has been named interim CEO, while Ariel Porat has been appointed as the new chief financial officer.

The company’s shares popped 6% in the premarket trading Monday.

Lando joined SolarEdgein in 2009 as Executive VP of Global Sales, before taking on the top role in 2019 following the death of Guy Sella. SolarEdge provided no explanation for his exit. Lando will remain on the company’s board and offer advisory services during the transition period.

“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.”

Amid his departure, Lando stated:

“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,” he said.

“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.”

The board has begun the process of searching for a permanent CEO.

Meanwhile, new CFO Porat, who was most recently the Head of Europe Region for Siemens Energy, has also held key leadership roles at Siemens Israel, including CEO and CFO.

Source: Investing.com