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HERZILIYA PITUACH, Israel – SolarEdge Technologies, Inc. (NASDAQ:SEDG), currently valued at $833 million in market capitalization, announced changes to its Board of Directors, including the immediate resignation of Mr. Marcel Gani and the upcoming departure of Mr. Dirk Hoke, who will not stand for re-election at the 2025 Annual Meeting of Shareholders. The company confirmed that these changes, effective April 8, 2025, are not due to any disagreements on company operations, policies, or practices. According to InvestingPro data, the company faces significant challenges with weak financial health scores and profitability concerns.
Following these departures, SolarEdge has reduced the size of its board from ten to nine members and plans to further decrease it to eight after the 2025 Annual Meeting when Mr. Hoke's term concludes. This decision was made on the same day as the resignations.
The company's brief statement on Thursday did not detail reasons for the departures beyond stating they were not related to internal conflict. It also did not announce immediate replacements or how the board's composition might affect company governance or strategy moving forward.
SolarEdge, a global leader in smart energy technology, has seen significant growth in the renewable energy sector, with its products contributing to more efficient energy production and management. The company's adjustment to its board size reflects routine corporate governance practices as it continues to navigate the evolving landscape of the energy industry.
Investors and market watchers will be keeping a close eye on SolarEdge's next moves, particularly any strategic shifts or new appointments that could signal the company's direction in a highly competitive market.
This report is based on a press release statement and provides a factual account of the company's board restructuring without speculation on the implications of these changes.
In other recent news, SolarEdge Technologies has announced a collaboration with Enstall, Novogradac & Company LLP, and Crux to simplify tax credit processes for developers and business owners. This initiative aims to assist with IRS Domestic Content bonus credit compliance and tax credit monetization. Meanwhile, SolarEdge's solar inverter portfolio now meets the Build America, Buy America (BABA) Act requirements, enabling participation in federal infrastructure projects in the U.S. The compliance includes various inverters and power optimizers, supporting developers and EPC companies in meeting federal mandates.
Additionally, SolarEdge has appointed Asaf Alperovitz as the new Chief Financial Officer, succeeding Ariel Porat. Alperovitz brings over 30 years of experience, including roles as CFO of Delta Galil and positions at Ernst & Young. Truist Securities maintained a Hold rating on SolarEdge, with an $18 price target, following this management change. The firm noted the potential for financial stability and inventory normalization under the new leadership.
Jefferies analyst Julian Dumoulin-Smith raised the price target for SolarEdge to $12 from $9, while maintaining an Underperform rating. The adjustment reflects skepticism about the company's recovery trajectory, citing concerns over the impact of safe-harbor provisions on financial results. Despite this, the analyst highlighted the potential for significant sell-through following expected inventory normalization in late 2025. These developments indicate ongoing strategic shifts and financial evaluations at SolarEdge as it navigates through a transitional phase.
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