Michael Turmelle
Ideal PowerAbout Michael C. Turmelle
Independent Chairman of the Board of Ideal Power (IPWR); age 66; director since December 2017 and Chairman since December 2021. Background in finance and operations across power electronics and industrial technology; designated Audit Committee Financial Expert. Education: BA in Economics (Amherst College) and graduate of GE’s Financial Management Program .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| SatCon | CFO, COO, Director | Prior years (dates not specified) | Public company executive experience in power electronics |
| Implant Sciences Corp. | Chairman of the Board | 2015–2017 | Led board through advanced security technologies |
| Beacon Power | Director | Prior years (dates not specified) | Board role at flywheel energy storage company |
| Hayward Tyler | Managing Director | Jan 2018–Jan 2024 | Led OEM supplier of motors/pumps to energy industry |
External Roles
| Organization | Role | Tenure | Public/Private |
|---|---|---|---|
| Quantum Computing Inc. (QUBT) | Director | Since Jan 2022 | Public (Nasdaq) |
| Consulting (renewables/medical/advanced tech) | Principal | Prior years (dates not specified) | Private advisory |
Board Governance
- Independence: Board determined Turmelle and all non-CEO directors are independent under Nasdaq/SEC rules .
- Board leadership: Independent Chairman; no lead independent director designated; periodic executive sessions of non-employee directors .
- Committee assignments:
- Audit Committee: Chair; members Turmelle (Chair), Drue Freeman, Gregory Knight; Turmelle designated Audit Committee Financial Expert .
- Meetings and attendance:
- Board met 7 times in 2024; each director attended ≥75% of aggregate Board+committee meetings; all directors attended the 2024 annual meeting .
- Board met 9 times in 2023; one director missed one Board meeting; otherwise 100% attendance; all directors attended the 2023 annual meeting .
- Committee activity: Audit (8 meetings), Compensation (5), Nominating & Governance (7) in 2024 .
- Anti-hedging/pledging: Company policy prohibits hedging and pledging; applies to directors .
- Related party transactions: None entered or in effect since Jan 1, 2024 .
Fixed Compensation
| Component | 2023 | 2024 |
|---|---|---|
| Annual Cash Retainer (Chair) | $70,000 | $70,000 |
| Director Compensation Policy (cash) | Chair: $70,000; others: $60,000 | Chair: $70,000; others: $60,000 |
Performance Compensation
| Component | 2023 | 2024 | Vesting/Metrics |
|---|---|---|---|
| Annual Equity Grant (Chair) | RSUs grant-date fair value $120,000 | RSUs grant-date fair value $120,000 | Time-based; vest in equal quarterly installments over fiscal year (no performance metrics) |
| Aggregate Stock Awards (reported) | $120,000 (Turmelle) | $120,000 (Turmelle) | RSUs under standard director policy |
No director performance metrics disclosed for equity awards; director equity is time-based RSUs per policy .
Other Directorships & Interlocks
| Person | Organization | Connection/Interlock | Note |
|---|---|---|---|
| Michael C. Turmelle | SatCon (former CFO/COO/Director) | Historical overlap with current IPWR Director Ted Lesster, who held senior roles at SatCon | Potential board-network tie; not a related party transaction |
| Michael C. Turmelle | Quantum Computing Inc. (QUBT) | Current public board role | No disclosed conflicts with IPWR |
| Michael C. Turmelle | Implant Sciences; Beacon Power | Prior public company boards | Historical experience; no current conflicts disclosed |
Expertise & Qualifications
- Financial and operating leadership at public companies; deep power electronics and energy industry experience .
- Audit Committee Financial Expert designation; strong governance credentials .
Equity Ownership
| Holder | Shares Owned (Breakdown) | % of Outstanding | Notes |
|---|---|---|---|
| Michael C. Turmelle | 76,101 total; includes 30,370 common + 45,731 vested stock options exercisable within 60 days (as of Apr 15, 2025) | <1% | Options reflect prior grants; no pledging allowed under policy |
Governance Assessment
-
Strengths:
- Independent Chair with audit/accounting expertise; chairs active Audit Committee (8 meetings in 2024) .
- Clean related-party profile; explicit anti-hedging/anti-pledging policy .
- Consistent director compensation structure; meaningful equity component aligns interests (quarterly vesting RSUs) .
- Say-on-pay support for executives indicates investor alignment: ~93% approval in 2024; ~88% in 2023 .
-
Risks/RED FLAGS:
- Board diversity gap: as of Apr 2024, board comprised five white male directors; company plans future additions via attrition/scale rather than immediate change (Nasdaq 5605(f) context) .
- Historical interlock: prior SatCon roles for both Turmelle and Lesster; while not a related-party transaction, overlapping networks can shape board dynamics and should be monitored for independence in deliberations .
-
Compensation/Alignment observations:
- Chair premium is modest ($10k cash uplift vs peers); equity grant for Chair ($120k RSUs) doubles that of other directors, strengthening ownership alignment .
- Director option overhang exists from legacy grants (45,731 vested options for Turmelle), but current awards are RSUs, a lower-risk instrument for alignment .
-
Engagement:
- Attendance thresholds met in 2024; Audit Committee actively engaged; Board held periodic executive sessions; no lead independent director (mitigated by independent Chair) .
Overall investor confidence signals are positive: independent Chair overseeing audit, clean related-party profile, robust meeting cadence, and stable cash+equity mix. Key watch item: progress toward board diversity goals under Nasdaq requirements .