Ira Greenstein
About Ira Greenstein
Independent director since February 17, 2025; age 65. Founding Partner at Pierson Ferdinand LLP; previously President of IDT Corporation (NYSE: IDT) and Genie Energy Ltd. (NYSE: GNE), and served as Deputy Assistant and Strategist to the President during the first Trump Administration. Education: B.S. from Cornell University School of Industrial and Labor Relations; J.D. from Columbia University School of Law .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| IDT Corporation (NYSE: IDT) | President | Not disclosed | Senior executive experience at a public company |
| Genie Energy Ltd. (NYSE: GNE) | President | Not disclosed | Senior executive experience at a public company |
| U.S. Executive Office of the President | Deputy Assistant and Strategist to the President | First Trump Administration (dates not disclosed) | Policy strategy and government experience |
External Roles
| Organization | Role | Committees | Status |
|---|---|---|---|
| Forafric Global plc (NASDAQ: AFRI) | Director | Audit; Remuneration | Current |
| Pierson Ferdinand LLP | Founding Partner | — | Current |
Board Governance
- Committee assignments (FY2025): Audit Committee member; committee chaired by Heidy Chow; members meet NASDAQ independence standards .
- Attendance: Board met 4 times in FY2025; each director attended all Board meetings. Audit Committee met 4 times; Compensation Committee met 3 times; Nominating Committee met once .
- Independence: The company states current Audit Committee members meet NASDAQ independence standards; Greenstein serves on Audit Committee, indicating independent status .
| Governance Attribute | FY2025 Detail |
|---|---|
| Board meetings held | 4 |
| Director board attendance | 100% for all directors |
| Audit Committee | Chair: Heidy Chow; Members: Ira Greenstein, Kristina Kim; 4 meetings; committee members independent |
| Compensation Committee | Chair: Johnathan Chee; Members: Kristina Kim; 3 meetings |
| Nominating Committee | Chair: Johnathan Chee; Members: Heidy Chow; 1 meeting |
Fixed Compensation
| Metric | FY2025 Amount | Notes |
|---|---|---|
| Director annual base retainer (standard) | $20,000 | Company-wide base rate for year ended June 30, 2025 |
| Chairman retainer (effective FY2026) | $30,000 | Increased $10,000 on June 24, 2025, effective at start of FY2026 |
| Ira Greenstein – Cash fees | $10,000 | Fiscal 2025 director compensation table; footnote notes he was not compensated for quarter ended June 30, 2025 |
| Equity awards to non-officer directors | $0 | No option awards; none outstanding as of June 30, 2025 |
Performance Compensation
| Component | Structure | FY2025 Detail |
|---|---|---|
| Director bonuses | Discretionary (based on business performance as determined by Board) | Total director bonuses approved across the Board: $10,000; per-director metrics not disclosed |
| Performance metrics | Not disclosed for directors | Company does not specify director-level performance targets |
There is no established equity grant policy for non-employee directors; members may receive stock options from time to time, but none were outstanding for non-officer directors at FY2025 year-end .
Other Directorships & Interlocks
| Company | Relationship | Potential Interlock Risk |
|---|---|---|
| Forafric Global plc (AFRI) | Current director; Audit and Remuneration Committees | No FKWL disclosures indicating transactions or relationships with AFRI; no interlocks disclosed |
Expertise & Qualifications
- Legal and public company executive background (IDT, Genie Energy); legal training (Columbia JD) and labor relations (Cornell ILR) .
- Audit committee experience (FKWL Audit Committee member; AFRI Audit Committee member) .
Equity Ownership
| Data Point | Status |
|---|---|
| Beneficial ownership (as of Sept 30, 2025) | Not listed among named beneficial owners in proxy table; no shares disclosed for Greenstein |
| Outstanding director equity awards | None for non-officer directors at June 30, 2025 |
| Hedging/pledging | Company Insider Trading Policy prohibits hedging, short sales, derivatives, and restricts pledges without approval |
Insider Filings & Trades
| Filing | Date | Description | Source |
|---|---|---|---|
| Form 3 (Initial Statement of Beneficial Ownership) | Feb 26, 2025 | Filed by Ira A. Greenstein for FKWL; period of report Feb 17, 2025 | |
| Subsequent Form 4 trades | Not found in our search | No Form 4 filings by Greenstein identified following Form 3 in available sources |
Related-Party Transactions (Conflict Scan)
- Company-level related-party items in FY2025 involve CEO OC Kim (forbearance agreement, accrued bonus, option repurchase applied against receivable); no disclosures of related-party transactions tied to Ira Greenstein .
- Purchases from the JV partner Forge International Co., Ltd. totaled ~$13.7 million in FY2025; again, no linkage to Greenstein .
Governance Assessment
- Alignment: Director pay is primarily cash with no equity component for Greenstein in FY2025; ownership not disclosed in beneficial owner table, implying limited “skin in the game” vs. best practices that encourage meaningful equity alignment for independent directors .
- Independence and oversight: Audit Committee independence affirmed; Greenstein’s audit committee service and external audit committee role at AFRI suggest relevant financial oversight expertise .
- Attendance and engagement: Full Board attendance in FY2025 indicates engagement; Audit Committee met four times, supporting financial oversight cadence .
- Policies: Insider Trading Policy prohibits hedging/pledging and mandates pre-clearance/blackout compliance; a Mandatory Recoupment Policy exists—positive governance signals .
- Company-level red flags affecting investor confidence:
- Section 16(b) short-swing profits verdict against CEO (October 2023) .
- Unusual CEO option repurchase structure to offset receivable; accrued but unpaid bonuses and change-of-control/severance provisions with large multiples for CEO—all potential pay/governance risk indicators .
- Net: Greenstein presents credible audit and legal credentials and independence, but director-level equity alignment appears low, and broader company executive compensation/related-party issues are a governance overhang.
RED FLAGS
- No director equity reported for Greenstein; compensation is cash-only in FY2025 (alignment risk) .
- Company-level executive pay practices: accrued but unpaid bonuses; option repurchase used to settle CEO receivable; large severance and change-of-control provisions (shareholder-unfriendly optics) .
- Prior CEO Section 16(b) short-swing profits verdict (governance culture concern) .
POSITIVES
- Audit Committee independence and active meeting cadence; Greenstein on Audit Committee .
- Strong compliance policies (insider trading restrictions; mandatory recoupment) .
- 100% Board attendance in FY2025 .