Dive Brief:

• SolarEdge Technologies appointed Maoz Sigron as its next finance chief in a move effective May 31 as the provider of solar energy products embarks on a financial turnaround plan, the company announced Monday in a press release and securities filing.
• Sigron will succeed Asaf Alperovitz as CFO, who will leave the Israel-based company for an opportunity outside of the industry, according to the filing with the Securities and Exchange Commission. Alperovitz informed SolarEdge of his intent to depart on March 10, and will remain with the business through June 9 to support a smooth transition, the company said.
• The solar panel maker recently agreed to pay $55 million to settle an investor suit relating to allegations of securities fraud. The suit, filed in 2023, alleges former company executives — including its ex-CEO and former finance chief — misrepresented demand in the European market, leading to significant drops in stock price, The Wall Street Journal reported at the time. Investors in late April asked the court to approve the settlement agreement, with Judge Gregory H. Woods for the U.S. District Court in the Southern District of New York granting preliminary approval on May 1, according to court filings.

Dive Insight:

In association with his appointment as CFO, Sigron will receive a salary of 130,000 Israeli New Shekels (approximately $44,800 USD) per month, an amount subject to a 10% reduction until “certain company financial performance goals are met,” according to the filing.  

Sigron is eligible to receive an annual target bonus of 75% of his annual, non-reduced base salary, according to the filing. He will also receive an initial equity grant of restricted stock units with a value of $700,000, 25% of which is set to vest on May 31, 2027, with the remainder vesting in 12 quarterly installments following that date. His compensation includes a grant of performance stock units with a target value of $700,000.

Sigron is joining SolarEdge after an eight-year tenure at Isreali technology and marketing provider Perion, where he most recently served as chief operating officer beginning August 2024, according to his LinkedIn profile. Previously, he served as the company’s CFO for six years.

Sigron will take the financial reins for the solar panel maker as it looks to continue to execute on a turnaround plan implemented by CEO and Director Yehoshua (Shuki) Nir when he stepped into the seat in late 2024.

The company is shifting from “defense to offense” as it embarks on its turnaround strategy, prioritizing a return to profitable growth and expanding global market share, Nir — previously SolarEdge’s chief marketing officer — said on May 6 during SolarEdge’s first quarter earnings call.

The company aims to achieve those priorities while “maintaining the operational and financial discipline we have established” Nir said during the call, according to a transcript. “The team's morale and energy are the strongest they have been in years, and we are all aligned around improving our execution and maximizing the various opportunities ahead of us.”

For its Q1 ended Mar. 31, the company narrowed its net loss to $57 million compared to $98 million for the prior year period, according to its earnings report. Revenue of approximately $310 million was down 7.4% from the previous quarter, but represented a year-over-year jump from revenues of $219 million in Q1 2025.

Since Nir’s appointment, the company has clawed its way back onto more solid financial ground after experiencing significant challenges stemming from its 2023 woes, where waning demand for residential solar and a subsequent glut in SolarEdge’s European inventory levels saw the business’ stock plunge by 67% that year, according to reports. The company then posted a ballooning net loss and continued revenue slump into 2024, according to an analysis by Seeking Alpha.

The inventory glut was at the heart of the class action suit by company investors, which alleged SolarEdge as well was its top executives at the time — including then-CEO Zvi Lando and ex-CFO Ronen Faier—made false and misleading statements about its operations and prospects, according to the original complaint.

Executives failed to disclose to investors that SolarEdge’s European distribution channels had “higher than optimal” inventory levels, according to the 2023 complaint, as well as failing to disclose that SolarEdge was experiencing significant cancellations. A conference for final approval of the $55 million settlement agreement is set for Aug. 24.