Suppose $A \times B$ is solvable. Since any subgroup of a solvable group is solvable we have that $A \times \\{e_B\\} \cong A$ and $\\{e_A\\} \times B \cong B$ are solvable.
Conversely, suppose $A$ and $B$ are both solvable: There exist sub-normal series
$$1=A_0 \trianglelefteq A_1 \trianglelefteq \dots \trianglelefteq A_t=A $$
$$1=B_0 \trianglelefteq B_1 \trianglelefteq \dots\trianglelefteq B_s=B $$
with abelian quotients. You can make both series have the same length by repeating one of subgroups. Consider then the subgroups $\\{A_i \times B_i \\}_{i=0}^{t=s}$.