Mr. Yoram Bronicki Retiring as Director and Chairman of Board of Directors, and Mr. Gillon Beck Appointed by the Board as Cha...
November 17 2015 - 5:00PM
Ormat Technologies, Inc. (NYSE:ORA) announced today that Mr. Yoram
Bronicki has resigned from his position as the Chairman of the
Company’s Board of Directors, effective November 16, 2015.
"Yoram Bronicki has managed and contributed to the
Company's growth in his roles as chief operating officer and
president, and has been extensively involved with the Company's
missions in his role as Director and Chairman of the Board," noted
Isaac Angel, Chief Executive Officer of the Company. On behalf of
the Board of Directors, we thank Yoram for his longstanding
contributions to the Company.
"I have had the privilege of being involved in
every aspect of the Company's operations," noted Mr. Bronicki. "I
am delighted to have had the opportunity to lead the Company in my
role as President, and to contribute to its missions in my role as
a Director and Chairman of the Board," he added.
Acting upon the recommendation of the Board of
Directors' Nominating and Governance Committee, the Board of
Directors appointed Mr. Stanley Stern as a director to fill the
vacancy on the Board, and appointed current director Mr. Gillon
Beck as the Chairman of the Board. Mr. Beck served as our Chairman
from May 2012 until June 2014. Both appointments are effective upon
Mr. Bronicki’s resignation.
Mr. Stern holds a BA in Economics (1978) from
Queens College and an MBA in Finance (1980) from Harvard
University. He will join the Board as an independent director. Mr.
Stern currently serves on several boards of directors including the
boards of SodaStream, Audiocodes Inc, Foamix, Ltd. and Ekso Bionics
and currently serves as Managing Partner of Alnitak Capital
Partners. Prior to these positions, Mr. Stern served on the boards
of directors of Given Imaging and Fundtech Inc. and as a Managing
Director and head of investment banking and technology banking at
Oppenheimer & Co.
"On behalf of the Board of Directors, we welcome
Mr. Stern to the Company," noted Mr. Beck. "With his investment
banking and related experience in the financial sector, and his
experience serving as a director and chairman of the board of other
publicly listed companies, he will bring a valuable perspective to
the Company and its Board of Directors," he added.
About Ormat Technologies
With five decades of experience, Ormat
Technologies, Inc. is a leading geothermal company and the only
vertically integrated company solely engaged in geothermal and
recovered energy generation (REG). The company owns, operates,
designs, manufactures and sells geothermal and REG power plants
primarily based on the Ormat Energy Converter - a power generation
unit that converts low-, medium- and high-temperature heat into
electricity. With 69 U.S. patents, Ormat’s power solutions have
been refined and perfected under the most grueling environmental
conditions. Ormat has 470 employees in the United States and over
600 overseas. Ormat’s flexible, modular solutions for geothermal
power and REG are ideal for the vast range of resource
characteristics. The company has engineered, manufactured and
constructed power plants, which it currently owns or has installed
to utilities and developers worldwide, totaling approximately 2,000
MW of gross capacity. Ormat’s current 666 MW generating portfolio
is spread globally in the U.S., Guatemala and Kenya.
Ormat’s Safe Harbor Statement
Information provided in this press release may
contain statements relating to current expectations, estimates,
forecasts and projections about future events that are
"forward-looking statements" as defined in the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
generally relate to Ormat's plans, objectives and expectations for
future operations and are based upon its management's current
estimates and projections of future results or trends. Actual
future results may differ materially from those projected as a
result of certain risks and uncertainties. For a discussion of such
risks and uncertainties, see "Risk Factors" as described in Ormat
Technologies, Inc.'s Annual Report on Form 10-K filed with the
Securities and Exchange Commission on February 26, 2015.
These forward-looking statements are made only
as of the date hereof, and we undertake no obligation to update or
revise the forward-looking statements, whether as a result of new
information, future events or otherwise.
Ormat Technologies Contact:
Smadar Lavi
Investor Relations
775-356-9029
slavi@ormat.com
Investor Relations Agency Contact:.
Miri Segal/Brett Maas
MS/Hayden - IR
917-607-8654/646-536-7331
msegal@ms-ir.com / brett@haydenir.com
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