Mitronics CEO Sharon Goldenberg Steps Down Amid Prolonged Revenue Decline and Executive Instability

Less than four years after his appointment, Sharon Goldenberg will step down as CEO of Mitronics, the once-dominant manufacturer of robotic pool cleaners. The company stated that his departure does not involve any circumstances requiring shareholder disclosure. However, Goldenberg’s exit is only the latest in a series of high-level resignations amid severe financial and operational challenges.

Goldenberg’s resignation follows the November 2024 retirement of long-serving CFO Meni Maimon after 14 years in the role. It also comes in the wake of rapid turnover in the chairman position: Yonatan Bashia, chairman for 14 years, stepped down in March 2024, and his successor Ron Cohen, a director representing Kibbutz Jezreel (the company’s controlling shareholder), announced his departure just 11 months later in February 2025.

Company Value Plummets by 94%

Goldenberg’s tenure coincided with a collapse in Mitronics' market value, which plummeted from NIS 8.4 billion in December 2021 to just NIS 452 million today — a staggering 94% decline. His departure was announced alongside the release of the company's weak Q2 financial results, amplifying concerns about Mitronics’ future.

In the second quarter, Mitronics reported a net income of just NIS 12 million, a 72% drop compared to the same quarter last year. Revenues fell by 15% year-over-year to NIS 515 million, falling 8% short of the company's own midpoint forecast.

U.S. Sales Crash, European Market Falters

The revenue shortfall was primarily driven by a 16% decline in sales of private pool cleaning robots, dropping to NIS 370 million in Q2. Nearly the entire decline occurred in the U.S. market, where sales dropped 18% to NIS 312 million. Mitronics blamed the miss on the transition to direct-to-consumer sales and ongoing logistical issues at its new, self-operated logistics center. These operational hurdles resulted in $14 million in lost revenue, some of which the company hopes to recover in Q3.

In Europe, revenues dropped 18% year-over-year to NIS 144 million, weighed down by macroeconomic headwinds and intensifying competition, especially in France. Sales of safety products and pool accessories fell 14% to NIS 116 million.

Cost-Cutting Measures and Operational Restructuring

In response to declining sales, Mitronics has launched aggressive cost-reduction efforts. In 2024, it cut robot production costs by 7%, and is targeting an additional 5%-6% reduction in 2025. The cost-cutting plan includes the closure of its Dalton facility, with operations consolidated at the Jezreel site.

Other restructuring measures include:

• Reducing operating expenses by NIS 12 million in Q2 and NIS 25 million in H1 2025.

• Shrinking the catalog by 30%-50% over the next three years.

• Developing a new generation of robots to streamline product lines.

Tepid Outlook for Q3

Mitronics has guided for third-quarter revenues of NIS 320–350 million. The midpoint of the forecast would represent just 1% year-over-year growth, but it would also mark the first quarter in recent memory without a revenue decline — a modest sign of possible stabilization.

As the company grapples with growing competition from Chinese manufacturers, logistical setbacks, and leadership volatility, the path to recovery remains uncertain. Goldenberg’s exit closes a dramatic chapter for Mitronics, but whether the next will offer turnaround or continued decline remains to be seen.