Michael Stein
About Michael Stein
Michael Stein, age 41, is Chief Executive Officer of Genie Energy Ltd. (GNE) since November 2017; he previously served as COO in 2017 and EVP from 2014–2017, and holds a B.A. in Psychology from Yeshiva University . Under his tenure, the proxy’s Pay vs. Performance panel shows total shareholder return from a hypothetical $100 investment rising to $412.84 in 2023 before moderating to $233.06 in 2024; net income was $86.9M in 2022, $20.3M in 2023, and $12.3M in 2024 . In Q1 2025, management reported consolidated revenue up 14.3% year-over-year to $136.8M and confirmed full-year Adjusted EBITDA guidance of $40–$50M, reflecting growth in GRE meters and advancing GREW projects .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Genie Energy Ltd. | Chief Executive Officer | Nov 2017–present | Led operations across GRE and GREW; expanded GRE markets; accelerated integrated solar strategy; guided acquisitions and business development . |
| Genie Energy Ltd. | Chief Operating Officer | Mar 2017–Nov 2017 | Transition leadership; operational oversight prior to CEO appointment . |
| Genie Energy Ltd. | Executive Vice President | May 2014–Mar 2017 | Senior leadership role across corporate initiatives . |
| Genie Retail Energy, Inc. | Chief Executive Officer | May 2015–present | Drove customer growth, market expansion, and profitability in retail energy . |
| Genie Energy Ltd. | SVP, Operations | Jan 2014–May 2014 | Operations leadership at corporate level . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| IDT Telecom | SVP, Business Development | Jul 2012–Jan 2014 | Corporate development in telecom affiliate prior to Genie senior roles . |
| Belstar Investment Management | Analyst | Jun 2007–Jan 2009 | Investment analysis experience foundational to finance and operations expertise . |
Fixed Compensation
| Year | Base Salary ($) | Notes |
|---|---|---|
| 2022 | $450,435 | Essentially unchanged vs 2021 per CD&A . |
| 2023 | $432,829 | Essentially unchanged vs 2022 . |
| 2024 | $431,371 | “Essentially unchanged” vs 2023; 2025 base remains same as 2024 . |
Performance Compensation
| Year | Annual Bonus ($) | Stock Awards ($, grant-date FV) | Instruments and Key Vesting |
|---|---|---|---|
| 2022 | $975,000 | $922,950 | 90,000 RS granted Aug 3, 2022 from DSU vesting; vests 30,000 on Aug 3, 2023; 30,000 on Aug 3, 2024; 30,000 on Aug 3, 2025 . |
| 2023 | $1,375,000 (incl. $400,000 extraordinary bonus tied to UK exit) | $1,294,426 | 90,000 RS granted May 11, 2023 from DSU vesting; vests 30,000 on Feb 10, 2024; 30,000 on Feb 10, 2025; 30,000 on Feb 10, 2026 . Subsidiaries: 10 restricted shares of Genie Solar vesting 3.33 each on Mar 8, 2024/2025/2026; 1% restricted interest in Diversegy vesting one-third on Dec 22, 2023/2024/2025 . |
| 2024 | $875,000 | $2,125,000 | 125,000 RS granted Aug 1, 2024; vests 41,667 on Aug 1, 2025; 41,667 on Aug 3, 2026; 41,666 on Aug 2, 2027 . |
- Bonus philosophy: executives eligible up to 100% of base salary; determinations are primarily subjective vs. enumerated company- and individual-level goals (profitability, cash generation, GRE customer growth and market expansion, GREW solar development, public market awareness) .
Upcoming Vesting Schedule (selling pressure windows)
| Date | Shares | Instrument |
|---|---|---|
| Aug 3, 2025 | 30,000 | RS from 2022 grant . |
| Aug 1, 2025 | 41,667 | RS from 2024 grant . |
| Feb 10, 2026 | 30,000 | RS from 2023 grant . |
| Aug 3, 2026 | 41,667 | RS from 2024 grant . |
| Aug 2, 2027 | 41,666 | RS from 2024 grant . |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership (Class B) | 584,494 shares; 2.3% of Class B outstanding . |
| Breakdown | 397,938 direct; 185,000 restricted; 1,556 spouse . |
| Shares outstanding (Class B) | 25,443,557 as of Mar 27, 2025 . |
| Unvested RS (12/31/2024) | 215,000 shares; market value $3,351,850 at $15.59 . |
| Options | None outstanding (exercisable or unexercisable) . |
| Pledging/Hedging | Not disclosed in proxy; Insider Trading Policy applies to Insiders and restricted stock . |
| Ownership guidelines | Not disclosed in proxy (no stated multiple) . |
Employment Terms
- No employment agreement with Michael Stein; compensatory terms arise via equity award agreements and subsidiary RSAs/RIA .
- Change-in-control economics: all unvested restricted Class B shares vest immediately; quantified accelerated value for Stein of $3,351,850 (based on 215,000 RS at $15.59 as of 12/31/2024) .
- Subsidiary awards: Genie Solar 10 restricted shares (full acceleration on change of control); Diversegy 1% restricted LLC interest (full acceleration on change of control) .
- Clawback: Compensation Committee administers Compensation Clawback Policy (details not disclosed) .
Performance & Track Record
| Metric | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|
| Value of $100 investment (TSR) ($) | $77.25 | $148.92 | $412.84 | $233.06 |
| Net Income ($) | $27,841,867 | $86,930,714 | $20,278,000 | $12,295,000 |
Additional recent operating context:
- Q1 2025: consolidated revenue up 14.3% YoY to $136.8M; GRE revenue up 17.8% to $132.5M; adjusted EBITDA up 22.7% to $14.4M; guidance confirmed at $40–$50M adjusted EBITDA for FY 2025 .
- 2024: achieved high end of guidance; grew GRE customer base; executed share repurchases and maintained dividend .
- 2023: record revenues; significant GRE customer growth; investments in GREW (operating arrays, team expansion) .
Governance and Related Party Notes
- Relationship: Michael Stein is Howard S. Jonas’s son-in-law; Jonas is Chairman, a control person, and received significant 2024 equity awards; nepotism/related party dynamics disclosed .
- Board/Committee independence and structure: Compensation Committee comprised of independent directors Alan Rosenthal (Chair) and Wes Perry; five meetings in 2024 .
Say-on-Pay & Shareholder Votes
- May 6, 2025 Annual Meeting: directors re-elected with 93.6%–99.3% support; amendment to 2021 Plan increasing available shares by 100,000 approved with 90.6% support . A separate advisory say-on-pay vote was not disclosed in the filings provided .
Compensation Structure Analysis
- Mix shift: continued emphasis on equity via time-based RS (125,000 RS in 2024), with subsidiary equity to align with growth verticals (Genie Solar, Diversegy) .
- Performance linkage: bonuses determined subjectively against detailed annual goals (profitability, EBITDA, customer growth, solar pipeline), with 2024 bonuses trimmed ~5% vs 2023 after outsized 2023 results .
- Change-of-control acceleration: single-trigger vesting for RS is shareholder-unfriendly vs double-trigger norms (potential overhang) .
Equity Incentive Plan Mechanics (2021 Plan)
- Awards: RS, options (ISOs/NQSOs), SARs/LSARs, DSUs; automatic annual director RS grants; full vesting on change in control, corporate transaction, or related entity disposition .
Risk Indicators & Red Flags
- Single-trigger equity acceleration on change in control for Stein’s RS and subsidiary awards (potential misalignment) .
- Related party transactions and family relationships at the top (Chairman and CEO) raise governance scrutiny though committee independence is affirmed .
- No disclosed ownership guidelines or pledging policy compliance status for executives; Section 16(a) compliance was timely in 2024 .
Investment Implications
- Alignment: Stein’s substantial unvested RS (215,000 as of year-end 2024) and upcoming vesting dates create ongoing equity alignment and potential calendar-driven selling pressure windows; full acceleration on change in control raises event risk .
- Performance linkage: While bonus outcomes are subjective, goals emphasize EBITDA and growth in GRE/GREW; Q1 2025 results and FY guidance support continued operational momentum under Stein’s leadership .
- Governance: Family ties and single-trigger vesting are watch items; however, compensation oversight resides with independent directors and shareholders approved additional plan capacity (90.6% “for”) .