SolarEdge's stock reverses lower as CEO steps down after 5 years in the role

By Tomi Kilgore

CFO Ronen Faier named interim CEO while company searches for a permanent CEO

Shares of SolarEdge Technologies Inc. reversed course to trade sharply lower Monday, after the solar-power-equipment maker said its chief executive of the past five years, Zvi Lando, has stepped down.

The company said Lando will remain on its board of directors.

"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."

SolarEdge's stock (SEDG) had shot up as much as 10.6% ahead of the open, and was up as much as 8% after the open, as it started reversing course just as the opening bell was ringing.

The stock was recently down 8.1% in morning trading.

Even with the decline, the stock has still soared 24.8% since it closed at a seven-year low of $21.20 on Aug. 9.

The company said Ronen Faier, who had been chief financial officer since 2011, was appointed as interim CEO.

Ariel Porat, formerly the company's senior vice president of finance, was appointed CFO.

Lando, who joined the company in 2009, had been CEO since August 2019 and a board member since February 2020.

SolarEdge's stock has tumbled 71.7% year to date, while the Invesco Solar ETF TAN has slumped 20.6% and the S&P 500 index SPX has run up 17.9%.

-Tomi Kilgore

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08-26-24 1106ET

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