SolarEdge Technologies, Inc. (“SolarEdge” or the “Company”)
(Nasdaq: SEDG), a global leader in smart energy technology, today
announced the appointment of Mr. Shuki Nir as the Company’s new
Chief Executive Officer (CEO), effective immediately. Mr. Nir, who
has served as SolarEdge’s CMO since June 2024, will succeed Mr.
Ronen Faier, who has served as the Company’s Interim CEO since
August 2024. Mr. Faier will stay on with the Company as an advisor
during a transition period to ensure a seamless leadership
transition. Mr. Nir is also replacing Mr. Zvi Lando as a member of
the Board of Directors.
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Mr. Shuki Nir (Photo: Business Wire)
Mr. Nir is a proven leader within the technology sector, with
nearly three decades of experience in leadership roles at
multinational technology companies. He was the General Manager of
the consumer business at SanDisk (NASDAQ: SNDK), where he led the
strategic transformation and turnaround of a loss-making division
into a profitable global market leader. His extensive tenure
includes strategic consulting for multinational corporations and
serving on several boards, including IronSource (NYSE: IS) and
Kornit Digital (NASDAQ: KRNT). Mr. Nir holds an MBA, an LLB and BA
in accounting from Tel Aviv University.
“SolarEdge is gaining an accomplished and proven leader in
Shuki, and I am delighted to announce him as our new CEO,” said Mr.
Avery More, Chairman of the Board. “Following a rigorous global
search and evaluating several outstanding external and internal
candidates, Shuki stood out for his exceptional leadership,
operational expertise, and ability to build high-performing teams.
Having served as CMO, he already understands our operations,
values, and strategic goals. We believe Shuki is the right
candidate to lead SolarEdge into its next phase of growth.”
Mr. More continued: “On behalf of the Board, I would like to
take this opportunity to express how grateful we are for Ronen’s
contributions as Interim CEO and for his many years of service as
the Company’s CFO. We are pleased that Ronen will remain with the
Company as an advisor during a transition period to ensure a
seamless transition.”
“I am honored to take on the opportunity to lead SolarEdge at
such a crucial time for the Company and the industry,” said Mr.
Nir. “The SolarEdge mission, to develop and scale renewable energy
technologies that improve the way we generate, store, manage and
use electrical power in every aspect of our lives, is truly
inspiring. With our leading technological capabilities,
best-in-class product lineup and extraordinarily talented team, I
believe we have all the key ingredients to strengthen our market
position and continue to deliver value to our customers, employees
and shareholders.”
“The opportunities that lie ahead of the Company are exciting,”
said Mr. Faier, Interim CEO. “Now is the time to transition to a
new generation of leadership to drive SolarEdge’s next stage of
growth. I could not be happier to welcome Shuki as SolarEdge’s next
CEO; I believe he has the passion, the drive, and the vision that
make him the right person to lead SolarEdge forward.”
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 maximise 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, and grid services solutions. SolarEdge is
online at solaredge.com
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements include information, among
other things, concerning our next phase of innovation and growth,
future of renewable energy, possible or assumed future results of
operations, future demands for solar energy solutions, business
strategies and technology developments. Forward-looking statements
include statements that are not historical facts and can be
identified by terms such as “anticipate,” “believe,” “could,”
“seek,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,”
“predict,” “project,” “should,” “will,” “would” or similar
expressions and the negatives of those terms.
Forward-looking statements inherently involve known and unknown
risks, uncertainties and other factors that may cause our actual
results, performance or achievements to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statements. Given these
uncertainties, you should not place undue reliance on
forward-looking statements. Also, forward-looking statements
represent our management’s beliefs and assumptions only as of the
date of this release. Important factors that could cause actual
results to differ materially from our expectations include, but are
not limited to: our ability to deliver on the next phase of
innovation and growth; future of renewable energy, including demand
for renewable energy and solar energy solutions; our ability to
forecast demand for our products accurately and to match production
to such demand as well as our customers’ ability to forecast demand
based on inventory levels; macroeconomic conditions in our domestic
and international markets, as well as inflation concerns, rising
interest rates, and recessionary concerns; changes, elimination or
expiration of government subsidies and economic incentives for
on-grid solar energy applications; changes in the U.S. trade
environment; federal, state, and local regulations governing the
electric utility industry with respect to solar energy; changes in
tax laws, tax treaties, and regulations or the interpretation of
them, including the Inflation Reduction Act; the retail price of
electricity derived from the utility grid or alternative energy
sources; interest rates and supply of capital in the global
financial markets in general and in the solar market specifically;
competition, including introductions of power optimizer, inverter
and solar photovoltaic system monitoring products by our
competitors; developments in alternative technologies or
improvements in distributed solar energy generation; historic
cyclicality of the solar industry and periodic downturns; product
quality or performance problems in our products; shortages, delays,
price changes, or cessation of operations or production affecting
our suppliers of key components; disruption in our global supply
chain and rising prices of oil and raw materials as a result of the
conflict between Russia and Ukraine; our customers’ financial
stability and our ability to retain customers; our ability to
retain key personnel and attract additional qualified personnel;
performance of distributors and large installers in selling our
products; consolidation in the solar industry among our customers
and distributors; our ability to manage effectively the growth of
our organization and expansion into new markets and integration of
acquired businesses; our ability to recognize expected benefits
from restructuring plans; any unauthorized access to, disclosure,
or theft of personal information or unauthorized access to our
network or other similar cyber incidents; disruption to our
business operations due to the evolving state of war in Israel and
political conditions related to the Israeli government's plans to
significantly reduce the Israeli Supreme Court's judicial
oversight; our dependence on ocean transportation to timely deliver
our products in a cost-effective manner; fluctuations in global
currency exchange rates; changes in tax laws, tax treaties, and
regulations or the interpretation of them, including the Inflation
Reduction Act; changes in the U.S. trade environment, including the
imposition of import tariffs; business practices and regulatory
compliance of our raw material suppliers; our ability to maintain
our brand and to protect and defend our intellectual property; the
impairment of our goodwill or other intangible assets; volatility
of our stock price; our customers’ financial stability,
creditworthiness, and debt leverage ratio; our ability to retain
key personnel and attract additional qualified personnel; our
ability to effectively design, launch, market, and sell new
generations of our products and services; our ability to retain,
and events affecting, our major customers; our ability to service
our debt; and the other factors set forth under “Item 1A. Risk
Factors” in our Annual Report on Form 10-K for the year ended
December 31, 2023, filed on February 26, 2024, and in other
documents we file from time to time with the SEC that disclose
risks and uncertainties that may affect our business. The preceding
list is not intended to be an exhaustive list of all of our
forward-looking statements. You should not rely upon
forward-looking statements as predictions of future events.
Although we believe that the expectations reflected in the
forward-looking statements are reasonable, we cannot guarantee that
future results, levels of activity, performance and events and
circumstances reflected in the forward-looking statements will be
achieved or will occur. Statements in this press release speak only
as of the date they were made. The Company undertakes no duty or
obligation to update any forward-looking statements contained in
this release, whether as a result of new information, future events
or changes in its expectations or otherwise, except as may be
required by applicable law, regulation or other competent legal
authority.
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version on businesswire.com: https://www.businesswire.com/news/home/20241205772201/en/
Press Contact SolarEdge Technologies, Inc. Lily Salkin,
Senior Global PR Manager Lily.salkin@solaredge.com
Investor Contacts SolarEdge Technologies, Inc. JB Lowe,
Head of Investor Relations investors@solaredge.com
Sapphire Investor Relations, LLC Erica
Mannion or Michael Funari investors@solaredge.com
SolarEdge Technologies (NASDAQ:SEDG)
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