(Bloomberg) -- SolarEdge Technologies Inc. founder and Chief Executive Officer Guy Sella has taken a leave of absence to address health issues.
- In November 2017, Sella disclosed that he had been diagnosed with colon cancer but said at the time that the condition was treatable.
- Shares fell as much as 9.7%, the most in intraday trading since November, to $79.32 on Thursday, after UBS downgraded the stock to “neutral” from “buy” and the company said Sella's health conditions have “declined significantly” in the past few days.
Key Insights
- Sella is stepping away just as SolarEdge has taken off. The company makes inverters that have become highly prized by solar panel suppliers and reported record revenue in the second quarter. Its shares have surged more than 150% this year.
- Analysts have warned that SolarEdge may start to lose U.S. market share to rival inverter maker Enphase.
- Zvi Lando has been appointed as acting CEO, the company said in a statement Wednesday. He has served as executive vice president of global sales since joining the company in 2009.
Read More
- Link to press release
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To contact the reporters on this story: Lynn Doan in San Francisco at ldoan6@bloomberg.net;Brian Eckhouse in New York at beckhouse@bloomberg.net
To contact the editors responsible for this story: Lynn Doan at ldoan6@bloomberg.net, Pratish Narayanan
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