- Push-out Score suggests push-out forces
- After around four years in the position
- Thanks for Jonas
- Michael Stein taking over
- Jonas will remain as Chairman at Genie Energy
- Jonas spoke at length and said 111 words
(exechange) — Newark, New Jersey, November 02, 2017 — Howard Jonas, chief executive of Genie Energy, leaves the position. It is an abrupt change. As announced by Genie Energy Ltd. in a news release and in a regulatory filing published on Thursday, November 02, 2017, Howard S. Jonas has already left the post as Chief Executive Officer at the independent retail energy provider and oil and gas exploration company after around four years in the position, effective November 01, 2017.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past twelve months was 8.8 years, according to data compiled by exechange.
Jonas’ duties are taken over by Michael Stein, currently Chief Operating Officer at Genie Energy Ltd.
Michael Stein is the son-in-law of Howard Jonas, the Company’s Chairman and brother-in-law to Michael Jonas, the Company’s Executive Vice President.
The move is a generational change as well. Michael Stein is about 28 years younger than Howard Jonas.
No reason given
In the announcement, Genie Energy did not explicitly explain the obviously compelling reason for Jonas’ sudden move, opening the door for speculation.
Jonas will remain as Chairman at Genie Energy
“Mr. Stein succeeds Howard Jonas, who continues to serve as Chairman of the Board,” Genie Energy said.
Genie Energy said: “On November 1, 2017, Howard Jonas, the Company’s Chairman and Chief Executive Officer, resigned his position as Chief Executive Officer.”
Share price decline
The change follows a decline in the share price of Genie Energy Ltd. since October 2015.
In the position of CEO since 2014
Howard S. Jonas is the founder of Genie Energy and has served as the Chairman of its Board of Directors since it was spun off from IDT Corporation (NYSE: IDT) in October, 2011.
Jonas has served as Chief Executive Officer of Genie Energy since January, 2014.
Jonas is also the founder and Chairman of the Board of Directors of IDT Corporation, and has served as its CEO most recently through December, 2013.
He also serves as the Chairman of the Board of CTM Media Holdings, Inc.
Jonas previously served as the Vice Chairman of the Board of Directors of IDT Telecom from December 1999 to April 2008, as Co-Chairman since April 2008, and as a director of IDT Capital since September 2004.
Jonas served as Co-Chairman of the Board of Directors of IDT Entertainment from November 2004 until August 2006.
Since August 2006, Jonas has been a director of Starz Media Holdings, LLC, Starz Media, LLC and Starz Foreign Holdings, LLC, each of which is a subsidiary of Liberty Media Corporation.
In addition, Jonas has been a director of IDT Energy since June 2007 and a director of American Shale Oil Corporation since January 2008.
Jonas is also the founder and has been President of Jonas Media Group since its inception in 1979.
Jonas was the Chairman of the Board of Directors of Net2Phone from October 2001 to October 2004, the Vice Chairman of the Board of Directors of Net2Phone from October 2004 to June 2006, and has served as the Chairman of Net2Phone since June 2006.
Jonas received a B.A. in Economics from Harvard University.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Howard Jonas’ sudden move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 45.2017 ($).