Ted Lesster
Ideal PowerAbout Ted Lesster
Independent director of Ideal Power Inc. since April 2018; age 87 (as of 2025) . Veteran power-electronics engineer with prior leadership at Westinghouse (ESSD Oceanic Division), SatCon, and RCT Systems; holds BA and MA in Engineering (Oxford) and a Diploma of Imperial College; recipient of the Westinghouse B.G. Lamme Award (1971) and holder of six patents in power conversion . His background centers on advanced power conversion, vehicle/shipboard power systems, and energy storage applications .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Westinghouse R&D Center; Westinghouse ESSD Oceanic Division | Advisory Engineer; later Manager of Electrical Engineering; Engineering Director; Chief Scientist | Prior to 1985; Manager in 1985; returned as Engineering Director/Chief Scientist after Northrop Grumman acquisition | Developed power electronics for power conversion, active sonar, propulsion systems for deep submergence vehicles and surface ships . |
| Chrysler (EPIC minivan program) | Technical team lead (assembled and led team for advanced powertrains) | 1992 | Took advanced powertrains to initial production in conjunction with Chrysler . |
| SatCon | Engineering Director; later General Manager | Joined 1999; resigned 2002 | Led design and development of a novel 2 MW flywheel/doubly fed induction machine and diesel-based uninterruptible AC power source . |
| RCT Systems | Advisor (post-technology transfer) | Joined 2003; active until retirement in 2014 | Hardware development for vehicle/shipboard pulse power, power management, and wave/tidal energy conversion . |
External Roles
| Category | Details |
|---|---|
| Current public company directorships | None disclosed in the Company’s proxy biography for Mr. Lesster . |
| Prior public company boards | None disclosed . |
| Private/non-profit/academic boards | None disclosed . |
Board Governance
- Independence: The Board determined all directors other than the CEO are independent under Nasdaq and SEC rules; Lesster is independent .
- Committee assignments: Audit Committee members are Michael C. Turmelle (Chair), Drue Freeman, and Gregory Knight; Lesster is not listed on the Audit Committee . The Board states all three standing committees (Audit, Compensation, Nominating & Corporate Governance) operate under written charters and are composed of independent directors .
- Leadership: Independent Chairman (Michael C. Turmelle); no designated Lead Independent Director; Board reviews structure periodically .
- Attendance: In 2024, each director attended at least 75% of aggregate Board and applicable committee meetings; the Board met 7 times in 2024 .
- Meeting cadence (2024): Audit (8), Compensation (5), Nominating & Corporate Governance (7) .
- Executive sessions and policies: Board holds periodic sessions of non-employee directors; anti-hedging and anti-pledging policies prohibit hedging and pledging of Company stock by directors .
- Related-party transactions: None entered into or in effect since January 1, 2024; related-party transactions require Audit Committee pre-approval per policy .
Fixed Compensation
| Component (Non-Employee Director) | 2024 Amount | Notes |
|---|---|---|
| Annual cash retainer | $60,000 | Standard for non-employee directors (Chairman receives $70,000) . |
| Equity grant (RSUs) – grant date fair value | $60,000 | Standard for non-employee directors (Chairman receives $120,000); vests in equal quarterly installments over fiscal year . |
| Reimbursements | — | Ordinary and reasonable expenses reimbursed . |
| 2024 Director Compensation – Ted Lesster | Cash ($) | Stock Awards ($) | Total ($) |
|---|---|---|---|
| Reported compensation | $60,000 | $60,000 | $120,000 |
Notes: The policy discloses retainers and annual equity grants; committee chair/member fees and per-meeting fees are not disclosed beyond the Chairman of the Board differential .
Performance Compensation
| Equity Instrument | Performance Metric Type | Vesting | 2024 Grant Value |
|---|---|---|---|
| RSUs (annual director grant) | Time-based (no performance metrics disclosed) | Equal quarterly installments over the fiscal year | $60,000 grant date fair value |
Other Directorships & Interlocks
| Item | Status |
|---|---|
| Compensation Committee interlocks | None disclosed . |
| Shared directorships with key suppliers/customers/competitors | None disclosed . |
Expertise & Qualifications
- Deep power-electronics domain expertise (marine, vehicle, shipboard power, energy storage), with six patents and multiple advanced development programs led across industry and defense-related applications .
- Education: BA and MA in Engineering (Oxford); Diploma of Imperial College (thesis on control techniques for reluctance machines) .
- Recognition: Westinghouse B.G. Lamme Award (1971) .
- Board-relevant skills: Engineering and power-conversion systems expertise augment oversight of product development and technology risks .
Equity Ownership
| Metric | Value |
|---|---|
| Total beneficial ownership (4/15/2025) | 53,006 shares (includes shares and options exercisable within 60 days) . |
| Ownership as % of outstanding | <1% (“*” in proxy table) . |
| Breakdown (as disclosed) | 18,185 common shares; 34,821 options exercisable within 60 days . |
| Shares outstanding reference date | 8,347,970 (as of 4/15/2025) . |
| Hedging/pledging | Prohibited by Company policy . |
Governance Assessment
-
Strengths
- Independent director with high technical competence; Board affirms director independence (excluding CEO) .
- Attendance/engagement: Directors met at least the 75% attendance threshold; Board and committees met regularly in 2024 (Board 7; Audit 8; Compensation 5; Nominating 7) .
- Pay structure aligns with shareholders via time-vested RSUs; cash/equity mix is balanced and consistent year over year for non-chair directors ($60k cash + $60k RSUs) .
- Strong shareholder support on say‑on‑pay (advisory): ~93% approval in 2024; ~88% in 2023, signaling overall compensation/governance acceptance .
- Policies: Robust anti‑hedging/anti‑pledging and related‑party approval procedures; no related‑party transactions in the latest period .
-
Watch items / potential red flags
- Board diversity: As of the 2024 proxy, the Board disclosed no diverse directors under Nasdaq Rule 5605(f); the Company intends to add diverse directors over time, which investors may monitor for progress .
- Committee transparency: Audit Committee composition is disclosed (Lesster not a member), but Compensation and Nominating committee rosters are not enumerated by name in the text beyond the summary table, limiting visibility into specific director workloads .
- Age/succession: At 87, succession planning for Board refreshment is relevant; the Board states it oversees succession planning via the Nominating and Corporate Governance Committee .
Overall, Lesster’s independence, attendance, and technology expertise support board effectiveness, with alignment via RSU grants and no conflict indicators in the latest period. Investors may track Board diversity initiatives and committee role disclosures for continued governance improvement .