Enphase has always been a company that moves rapidly, and has always been a technology company first. The appointment of a new President and CEO, one month after long-time CEO Paul Nahi stepped down on the company’s Q2 results call, reflects both of those trends.
Enphase’s new leader Badri Kothandaraman comes from 21 years at chip maker Cypress Semiconductor, where he served a variety of roles including executive VP for the company’s India operations.
“We are thrilled to appoint Badri, a highly respected and accomplished leader with a proven track record of growth and operational excellence, as Enphase’s new President and CEO,” stated Steve Gomo, lead independent director of Enphase Energy’s board of directors. “Following a thorough review of candidates, the Board determined Badri’s ability to connect people, vision and ideas to drive strategy and execution make him an ideal fit for his new role at Enphase.”
Kothandaraman comes at a time when Enphase is fighting an uphill battle to regain profitability and position in the market, after a difficult restructuring process which included dropping its prices below the cost of production to gain market share. The microinverter maker is particularly struggling against SolarEdge, whose module-level electronics provide many of the features that microinverters do, and who has rapidly taken over the U.S. market.
Online solar marketplace EnergySage’s recently released H1 2017 Solar Marketplace Intel report shows SolarEdge and Enphase together taking over 3/4 of the U.S. residential market. And while Enphase gained share during 2016, the report shows a decline in the company’s share in the first half of 2017.