Avi Goldin
About Avi Goldin
Avi Goldin, 47, has served as Chief Financial Officer of Genie Energy since August 2011 and is also CFO of Genie Retail Energy (since May 2015) and President of Genie Solar Energy, Inc. . He holds an MBA from NYU Stern, a BA in Finance from Yeshiva University, and is a CFA charterholder; prior roles span investment analysis and corporate development at Dreman Value Management, Morgan Stanley (Satellite Communications), IDT Corporation, and CayComm Media Holdings . Company performance during his tenure includes strong net income variability tied to market conditions and non-cash insurance reserve charges, with Net Income of $12.3M in 2024, $20.3M in 2023, $86.9M in 2022, and $27.8M in 2021; TSR on a $100 base rose to $233.06 by 2024, peaking at $412.84 in 2023 . In 2024, Genie achieved the high end of guidance, generated strong cash flow, repurchased ~661,000 Class B shares, and maintained its quarterly dividend, while revenue and gross profit decreased modestly versus 2023 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Genie Energy Ltd. | Chief Financial Officer | Aug 2011 – Present | Led global finance, SOX/audit integrity, investor relations; supported GRE and accelerated integrated solar strategy in Renewables . |
| Genie Retail Energy, Inc. (GRE) | Chief Financial Officer | May 2015 – Present | Finance leadership across retail energy supply, risk management, and profitability . |
| Genie Solar Energy, Inc. | President | 2023 – Present | Integrated operating solar arrays, financing, shift to industrial-scale projects; milestone execution at GREW . |
| IDT Corporation | VP, Corporate Development | May 2009 – Oct 2011 | Corporate development leadership pre-spinoff; strategic transactions . |
| IDT Corporation | Various roles | Jan 2004 – Jan 2008 | Multiple finance/affiliates roles driving operational finance . |
| CayComm Media Holdings | VP, Finance | Jan 2008 – May 2009 | Acquisition fund finance; transaction structuring . |
| Dreman Value Management | Investment Analyst | Not disclosed | Public equities analysis at $7B AUM manager . |
| Morgan Stanley & Co. | Associate, Satellite Communications | Not disclosed | Coverage/transactions in satellite communications . |
External Roles
No external public company directorships or committee roles disclosed for Mr. Goldin .
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | 400,000 | 400,000 | 425,000 |
| Guaranteed Bonus ($) | Not disclosed | Not disclosed | 150,000 (per employment agreement effective Jan 1, 2024) |
| Target Discretionary Bonus ($) | Not disclosed | Not disclosed | 150,000 (target) |
| Actual Performance Bonus Paid ($) | 450,000 | 700,000 (includes 250,000 extraordinary bonus in Dec 2023 related to U.K. exit) | 430,000 |
| Other Compensation ($) | 23,385 | 49,311 | 16,595 (401k $1,500; RS dividends $15,095) |
Performance Compensation
Annual Bonus Structure and 2024 Performance Assessment
- Bonuses are primarily subjective, evaluated versus Company-wide and executive-specific goals; executives are eligible for cash bonuses up to 100% of base salary or higher at Compensation Committee discretion .
- 2024 CFO goals included clean audits/SOX, strengthening internal controls and FP&A, optimizing corporate spend and tax, managing investor relations, and partnering to accelerate integrated solar strategy; Committee concluded the Company substantially met/exceeded goals; Goldin’s 2024 bonus was $430,000, above guaranteed/target amounts .
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Audit quality and SOX compliance | Not disclosed | Clean audit, SOX compliance | Achieved (Comp Committee assessment) | $430,000 cash bonus | N/A |
| Internal controls and FP&A | Not disclosed | Improve oversight/controls | Achieved (Comp Committee assessment) | Included in bonus | N/A |
| Investor relations and financial community engagement | Not disclosed | Lead IR and banker/analyst relationships | Achieved (Committee highlighted strong IR efforts) | Included in bonus | N/A |
| GRE EBITDA vs budget | Not disclosed | Achieve Adjusted EBITDA per budget (normal conditions) | Substantially met/exceeded Company goals | Included in bonus | N/A |
| Accelerate Genie Solar integrated strategy | Not disclosed | Partner to accelerate GREW solar strategy | Significant advancement of Genie Solar business plans | Included in bonus | N/A |
Equity Awards and Vesting
| Award Type | Grant Date | Amount | Grant Date Fair Value ($) | Vesting Schedule | Status/Value |
|---|---|---|---|---|---|
| Restricted Stock (Class B) | Aug 1, 2024 | 32,100 shrs | 545,700 | 10,700 shrs each on Aug 1, 2025; Aug 3, 2026; Aug 2, 2027 | Unvested RS at 12/31/2024: 62,100 shrs; MV $968,139 at $15.59 |
| Restricted Stock (Class B) via DSU vesting | May 11, 2023 | 30,000 shrs | 423,750 | 10,000 shrs on Feb 10, 2024; 10,000 on Feb 10, 2025; 10,000 on Feb 10, 2026 | 10,000 vested Feb 10, 2025 |
| Genie Solar, Inc. restricted shares (subsidiary) | Mar 8, 2023 | 25 shrs (2.5% of Genie Solar) | 27,122 | 8.33 shrs each on Mar 8, 2024; 2025; 2026 | CoC: accelerates to full vest |
| Stock Options | — | — | — | — | No options outstanding |
Near-term vesting calendar (insider supply watch)
- Feb 10, 2025: 10,000 RS vest .
- Aug 1, 2025: 10,700 RS vest .
- Mar 8, 2025: 8.33 Genie Solar shares vest (subsidiary) .
- Feb 10, 2026: 10,000 RS vest; Aug 3, 2026: 10,700 RS vest; Aug 2, 2027: 10,700 RS vest .
Equity Ownership & Alignment
| Category | Detail |
|---|---|
| Total beneficial ownership | 122,897 Class B shares (<1%); 70,797 direct; 52,100 restricted . |
| Unvested RS | 62,100 Class B shares; MV $968,139 at $15.59 close on 12/31/2024 . |
| Options | None (no options outstanding) . |
| Subsidiary equity | Genie Solar: 25 restricted shares (2.5% ownership); CityCom: 7.5 restricted shares (0.75%); Genie Ventures LLC: 0.5% interest . |
| Dividends on RS | $15,095 dividends paid on restricted stock in 2024 . |
| Ownership guidelines | Not disclosed . |
| Pledging/Hedging | Not disclosed . |
Employment Terms
| Provision | Terms |
|---|---|
| Agreement | Fourth Amended & Restated Employment Agreement effective Jan 1, 2024 . |
| Term & Renewal | 3-year term; auto-renewal for 1-year extensions unless notice ≥90 days pre-expiry . |
| Base Salary | $425,000 . |
| Guaranteed Bonus | $150,000 per year . |
| Discretionary Bonus Target | $150,000 . |
| Benefits | Eligible for Company benefit plans; 401(k) . |
| Severance (non-cause or good reason incl. CoC) | Accrued/vested comp plus severance equal to Base Salary plus the greater of (i) policy or (ii) Base Salary + Guaranteed Bonus + Discretionary Bonus for 20 months (paid over payroll schedule); all equity awards continue vesting per original schedule subject to release . |
| CEO Change resignation | Severance equal to the greater of (i) policy or (ii) Base Salary + Guaranteed Bonus for 12 months, subject to release . |
| Definitions | “Cause” includes felony indictment/conviction, fraud/embezzlement/gross negligence, willful failure post-notice, material misrepresentation, material policy violations; “Good reason” includes pay/benefit reduction, role downgrade, relocation >35 miles, improper termination, or Change in Control . |
| Change in Control (Company RS) | All unvested restricted Class B stock vests immediately (single-trigger acceleration) . |
| Subsidiary awards (Genie Solar) | Unvested restricted Genie Solar shares vest pro rata upon termination from Solar role without cause; all unvested vest on CoC . |
| Clawback policy | Administered by Compensation Committee . |
Performance and Track Record
| Metric | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|
| Net Income ($) | 27,841,867 | 86,930,714 | 20,278,000 | 12,295,000 |
| TSR: $100 initial value | 77.25 | 148.92 | 412.84 | 233.06 |
| Revenue ($) | 315,753,000* | 303,972,000* | 406,767,000* | 402,615,000* |
| EBITDA ($) | 37,525,000* | 80,205,000* | 55,560,000* | 45,971,000* |
Values retrieved from S&P Global.*
Context notes:
- 2024: Company achieved the high end of guidance; grew cash/liquidity; executed buybacks (~661k Class B) and maintained quarterly dividend; revenue/gross profit decreased modestly vs 2023 .
- 2023: Record revenues and strong bottom line excluding non-cash captive insurance reserve; GRE customer base grew >30%; acquired operating solar arrays; Diversegy improved performance .
- Market price in late Mar 2025: Class B $15.10 (for context on RS value) .
Compensation Structure Analysis
- Increase in guaranteed compensation vs at-risk: 2024 agreement formalizes a $150k guaranteed bonus and $150k target discretionary bonus, increasing guaranteed components relative to prior disclosures .
- Equity mix: Continued use of RS grants (32,100 in 2024; 30,000 in 2023 upon DSU vesting) with multi-year time-based vesting; no options outstanding, indicating shift toward RS versus options (lower risk to executive) .
- Performance linkage: Bonuses are largely subjective, tied to qualitative and financial goals (Adjusted EBITDA, audit quality, controls, IR); Committee assessed goals as substantially met in 2024 .
- Change-in-control acceleration: Single-trigger full acceleration for Company RS; subsidiary awards also accelerate—heightened pay-for-transaction risk profile .
- Clawback policy in place; details not disclosed in proxy .
Risk Indicators & Red Flags
- Single-trigger accelerated vesting on CoC for Company RS is shareholder-unfriendly versus double-trigger frameworks .
- No disclosure of pledging or hedging of Company stock by Goldin (lack of disclosure, not confirmation of absence) .
- Related party dynamics exist at the Company level (family relationships among other executives/directors), but none disclosed specific to Goldin beyond subsidiary equity grants; Goldin’s subsidiary awards (Genie Solar) align with operating leadership there .
Say-on-Pay & Peer Benchmarking
- Peer group composition, target percentile, and say-on-pay outcomes are not disclosed in the 2025 proxy sections reviewed; thus omitted.
Investment Implications
- Alignment: Goldin’s direct and restricted ownership (122,897 Class B; 62,100 unvested) meaningfully aligns incentives; RS dividend participation adds cash yield .
- Retention and selling pressure: Multi-year RS vesting creates potential supply overhang around Feb/Aug 2025–2027 dates; watch 10,700-share tranches on Aug 1, 2025; Aug 3, 2026; Aug 2, 2027, and the 10,000-share tranches on Feb 10, 2025/2026 .
- CoC economics: Single-trigger acceleration could lead to substantial equity monetization on a transaction; severance of 20 months base+bonus (including guaranteed and discretionary) reduces departure friction, potentially increasing transaction neutrality for the CFO .
- Execution signal: 2024 bonus above guaranteed/target reflects Compensation Committee’s view of strong CFO execution (audit/SOX, controls, IR, solar financing), supporting confidence in financial stewardship as Genie scales renewables .
Citations: All factual statements and table entries are sourced as cited inline above.