After three months as interim CEO, energy technology company SolarEdge Technologies (Nasdaq: SEDG) has found a permanent appointment to the position in Shoki Nair, chief marketing officer, a position in which he served only six months. He will replace interim CEO Ronen Fire, who will remain with the company as an advisor during the transition period. Feyer himself replaced Zvi Landau in August 2024. Landau served in this position for five years. In addition to assuming the CEO role, Nir will replace Lando on the company’s Board of Directors.
Nir holds a Master’s degree in Business Administration, a Bachelor’s degree in Law, and a Bachelor’s degree in Accounting from Tel Aviv University. He has served as a strategic advisor to global companies (including SolarEdge itself), and has served as a director of several listed companies, including IronSource (NYSE:IS) (sold) and Kornit Digital (Nasdaq: KRNT). For eight years, he served as general manager of the consumer business at SanDisk (Nasdaq: SNDK), following SanDisk’s acquisition of M-Systems. According to SolarEdge’s announcement of the appointment, “He led the strategic transformation and transformation of a loss-making division into a profitable global market leader, with revenues of $2 billion.”
A similar challenge awaits Near at SolarEdge. For more than a year, the company has suffered from a weak market, which has led to the erosion of its revenues, turning to losses, and losing market share. SolarEdge’s stock price has recovered somewhat from the low it hit last month, but the company still has a market cap of just $815 million, after reaching a peak of more than $19 billion three years ago.
SolarEdge’s weakness is due to a build-up of inventories at its distributors, which has led to a decline in new orders, while overall market demand has also slowed. The company implemented two rounds of layoffs this year. In January, it laid off 900 employees, 550 of them in Israel, and in July it laid off 400 employees, half of them in Israel. It recently announced the closure of its loss-making non-solar energy storage business, which will reduce its workforce by an additional 500 people, and has begun looking for subtenants for the campus the Azrieli Group is building for it in Glilot. .
Avery Moore, President of SolarEdge, said of Near’s appointment, “SolarEdge has gained an accomplished and proven leader in Shuki, and I am thrilled to announce him as our new CEO. After a rigorous global search and evaluation of numerous outstanding external and internal candidates, Shuki stood out for his exceptional leadership, operational experience and ability “On building high-performing teams and having served as a CMO, he already understands our operations, values and strategic goals. He is a candidate to lead SolarEdge into its next phase of growth.”
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Moore thanked Ronin Fire for his contribution as interim CEO and the many years he served as the company’s CFO. He added: “We are pleased to have Ronen remain with the company as an advisor during the transition period to ensure a smooth transition.”
Moore himself was recently named president. A veteran director of the company, he replaces Nadav Zafrir, who takes over as CEO of cybersecurity company Check Point (Nasdaq: CHKP) from Gil Shwed.
Nir himself said: “I am honored to take this opportunity to lead SolarEdge at such a critical time for the company and the industry. SolarEdge’s mission, is to develop and scale renewable energy technologies that improve the way we generate, store, manage and use energy. Electric energy in every A truly inspiring aspect of our lives, with our leading technology capabilities, best-in-class product portfolio and exceptionally talented team, I believe we have all the key ingredients to strengthen our position in the market and continue to deliver value to our customers, employees and shareholders.”
SolarEdge’s stock price rose just over 1% in pre-market trading.
Published by Globes, Israel Business News – en.globes.co.il – on December 5, 2024.
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