Murdoch, Renna Join Genie Energy Strategic Advisory Board
September 14 2010 - 5:04PM
Business Wire
Genie Energy Corporation (Genie Energy), a division of IDT
Corporation (NYSE: IDT, IDT.C), today announced that Rupert Murdoch
and Gene Renna have joined its Strategic Advisory Board.
K. Rupert Murdoch is the founder, Chairman of the Board, and CEO
of News Corporation, one of the world’s largest diversified media
companies. News Corporation’s holdings include Fox Entertainment,
Dow Jones and Company, the New York Post, HarperCollins and
significant media assets on six continents.
Mr. Murdoch commented: “I believe Genie Energy’s technologies
and vast shale oil licenses have real potential to spur a global,
geo-political paradigm shift by moving a major portion of new oil
production to America, Israel and other western-oriented
democracies.”
Eugene A. Renna, currently a director of Ryder System, Inc.,
served as Executive Vice President and a member of its Exxon
Mobil’s Board of Directors before retiring in 2002. He was
President and Chief Operating Officer of Mobil Corporation, and a
member of its Board of Directors, until the time of its merger with
Exxon Corporation in 1999. As President and Chief Operating Officer
of Mobil, Mr. Renna was responsible for overseeing all of its
global exploration and production, marketing and refining, and
chemicals and technology business activities.
Genie’s Strategic Advisory Board will advise management on
strategic, financial, operational and public policy matters related
to Genie’s shale oil ventures: AMSO, a joint venture with Total,
S.A. to develop oil shale on a federal leasehold in Northwestern
Colorado, and Israel Energy Initiatives Ltd (IEI), which holds
an exclusive Shale Oil Exploration and Production License covering
238 square miles in the Shfela basin region in Israel.
“Rupert Murdoch and Gene Renna obviously bring vast experience
and immeasurable value to the Genie Strategic Advisory Board. Their
legendary accomplishments and eminent characters speak for
themselves,” said Genie Energy Chairman Wes Perry. “Their decision
to join Genie’s Strategic Advisory Board speaks to the fundamental
importance and urgency of our mission to rebalance global energy
production markets. I join the other Board members in welcoming
them and look forward to working with them.”
About IDT Corporation:
IDT Corporation (www.idt.net) is a consumer services company
with operations primarily in the telecommunications and energy
industries. IDT Corporation's Class B Common Stock and Common Stock
trade on the New York Stock Exchange under the ticker symbols IDT
and IDT.C, respectively. Genie Energy is a subsidiary of IDT
Corporation and is currently comprised of IDT’s interests in IDT
Energy, American Shale Oil, LLC (AMSO), and Israel Energy
Initiatives (IEI).
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