- Push-out Score determined
- After about six years in the position
- Praise, thanks and good wishes for Angel
- Doron Blachar taking over
- Angel said 101 words
(exechange) — Reno, Nevada, February 26, 2020 — Isaac Angel, chief executive of Ormat, leaves. As announced by Ormat Technologies Inc. in a news release published on Tuesday, February 25, 2020 and in a regulatory filing published on Wednesday, February 26, 2020, Isaac Angel leaves his post as chief executive officer at the provider of alternative and renewable energy after about six years in the role, effective July 1, 2020.
Isaac Angel’s duties as CEO will be taken over by Doron Blachar, currently Chief Financial Officer of Ormat Technologies Inc.
No reason given
In the announcement, Ormat did not explicitly explain the reason for Isaac Angel’s move.
Precise information regarding Isaac Angel’s future plans was not immediately available.
“Retire”
Ormat said: “Mr. Angel has decided to retire from his position as Chief Executive Officer, effective July 1, 2020, after six years of successful service to the Company, its employees and its shareholders.”
Ormat further said: “On February 24, 2020, Isaac Angel, Chief Executive Officer of the Company, notified the Company of his decision to retire from his position as Chief Executive Officer of the Company, effective July 1, 2020.”
Share price increase since July 2014
The announcement follows an increase in Ormat Technologies Inc.’s share price of 223% since July 2014.
Chaired by Todd C. Freeland
Ormat Technologies Inc. is chaired by Todd C. Freeland.
Freeland joined Ormat’s board of directors in July 2017.
In the position of CEO since 2014
Isaac Angel became CEO of the Company in 2014.
It is intended that Angel will become a member of Ormat’s Board of Directors before his retirement as Chief Executive Officer and will continue to be employed by the Company through December 31, 2020 in order to assist with the management transition.
Angel became Chief Executive Officer at Ormat in July 2014.
Previously, he held senior leadership roles at Lipman Electronic Engineering Ltd., VeriFone, and LeadCom Integrated Solutions Ltd.
He also served as a director of Frutarom Industries Ltd. and Retalix Ltd.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Ormat and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 9.2020 ($).