Isaac Angel
ORMAT TECHNOLOGIESAbout Isaac Angel
Isaac Angel (age 68) is Chairman of the Board at Ormat Technologies (ORA). He joined the Board in July 2020, served as Executive Chairman from July–December 2020, and became Chairman in January 2021. He previously served as Ormat’s CEO from 2014 to July 2020, bringing deep institutional knowledge of the company and the energy market. The Board has determined Mr. Angel is not independent under NYSE standards.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Ormat Technologies, Inc. | Chairman of the Board | Jan 2021–Present | Board leadership and strategic oversight |
| Ormat Technologies, Inc. | Executive Chairman | Jul 2020–Dec 2020 | Transition leadership |
| Ormat Technologies, Inc. | Chief Executive Officer | 2014–Jul 2020 | Led operations and strategy |
| Gilat Satellite Networks Ltd. (Nasdaq: GILT) | Chairman of the Board | Mar 2020–Mar 2023 | Board leadership; U.S.-listed board experience |
| Frutarom Ltd. | Director | 2008–2016 | Board member |
| Retalix Ltd. | Director | 2012–2013 | Board member |
| LeadCom Integrated Solutions Ltd. | Executive Chairman | 2008–2009 | Executive board leadership |
| VeriFone (post-Lipman acquisition) | EVP, Global Operations | 2006–2008 | Global operations leadership |
| Lipman Electronic Engineering Ltd. | Various roles incl. President & CEO | 1979–2006 | Executive leadership through growth/M&A |
External Roles
| Organization | Role | Status | Notes |
|---|---|---|---|
| — | — | — | No current public company directorships disclosed for Mr. Angel in the 2025 proxy; prior roles listed above. |
Board Governance
- Role and independence: Chairman of the Board; the Board affirmatively determined that Mr. Angel is not independent.
- Leadership structure: CEO and Chair roles are separated (Chair: Angel; CEO: Doron Blachar). A Lead Independent Director (Stanley B. Stern) is appointed to enhance independent oversight.
- Committee assignments: Mr. Angel is not listed as a member of the standing committees (Audit; Compensation; Nominating & Corporate Governance; Investment; Sustainability).
- Meeting cadence and attendance: In 2024 the Board met 7 times; no director attended fewer than 75% of aggregate Board and committee meetings. All directors attended the 2024 annual meeting except Hidetake Takahashi.
- Board policies: Overboarding limits (≤4 public boards; ≤3 audit committees; tighter limits for sitting CEOs) and a 15-year director term limit. Regular executive sessions of the Board and committees.
- Board refreshment: ORIX’s nomination rights terminated after a Dec 2024 secondary offering; ORIX-nominated director Mike Nikkel will not stand for reelection at the 2025 meeting; Board size set to eight post-meeting.
Fixed Compensation
| Component | Program Terms (FY2024) | Angel’s FY2024 Amount |
|---|---|---|
| Annual Board Retainer (cash) | $95,000 cash | $95,000 |
| Additional Cash Retainer (Chair of Board) | $40,000 cash | $40,000 |
| Committee Chair Fees (cash) | $10,000 per chair; $20,000 for Audit Chair | N/A (not a committee chair) |
| Equity Grant (RSUs) | $120,000 for directors; $180,000 for non-employee Chairman; vests in full at first anniversary | $180,000 (RSUs) |
| Total FY2024 Director Pay | Cash + Equity | $315,000 total ($135,000 cash; $180,000 stock awards) |
| Meeting Fees / Expenses | No meeting fees disclosed; travel/lodging reimbursed | Policy applies |
Note: For FY2025, the Board increased certain committee chair retainers and raised the non-chair annual equity grant to $130,000; the non-employee Chairman equity value remains listed as $180,000 in the program description.
Performance Compensation
| Award Type | Performance Metrics | Vesting Mechanics | Notes |
|---|---|---|---|
| RSUs (Director equity) | None (time-based; no performance conditions) | Vest in full on first anniversary of grant | Annual grant valued at $180,000 for non-employee Chairman in FY2024 |
Other Directorships & Interlocks
| Company | Type | Mr. Angel’s Role & Tenure | Interlock/Notes |
|---|---|---|---|
| Gilat Satellite Networks Ltd. (Nasdaq: GILT) | Public | Chairman, Mar 2020–Mar 2023 | Current Ormat director Dafna Sharir has served on Gilat’s board since 2016; overlap created a historical interlock (no current interlock with Mr. Angel). |
| Frutarom Ltd. | Public (historical) | Director, 2008–2016 | Historical role; no current interlock disclosed. |
| Retalix Ltd. | Public (historical) | Director, 2012–2013 | Historical role; no current interlock disclosed. |
Expertise & Qualifications
- The Board cites Mr. Angel’s extensive experience with Ormat, management expertise, and strategic knowledge of the company’s energy markets and business as key qualifications.
Equity Ownership
| Metric | Value | Notes |
|---|---|---|
| Total beneficial ownership (shares) | 47,668 | Includes 2,630 RSUs; <1% of outstanding shares as of Mar 12, 2025. |
| Unvested RSUs outstanding (12/31/2024) | 2,630 | As reported for non-employee directors. |
| Options/SARs outstanding (12/31/2024) | None | No options/SARs listed for Mr. Angel. |
| Hedging/Pledging | Prohibited | Directors and employees are prohibited, without exception, from hedging or pledging company stock. |
Governance Assessment
- Strengths supporting investor confidence:
- Separation of Chair and CEO with a designated Lead Independent Director; robust committee structure staffed entirely by independent directors; strong attendance; and regular executive sessions. Overboarding limits and a 15-year term limit add safeguards against entrenchment.
- Clear prohibition on hedging and pledging enhances alignment; regular stock-based retainers (RSUs) provide ongoing equity exposure for directors.
- Reduction of potential external influence following termination of ORIX governance and commercial agreements; board resized to eight and ORIX nominee stepping down, improving perceived independence.
- Watch items / RED FLAGS:
- Non-independent Chair and former CEO status can raise oversight concerns about management accountability; mitigations include separation of roles and an empowered Lead Independent Director.
- Ownership “skin-in-the-game” is modest (<1%); while typical for outside directors, some investors prefer higher director ownership levels for alignment.
- Say-on-Pay (context): 2024 say-on-pay support was approximately 86%, signaling broader shareholder support for executive pay design, though not specific to directors.
Overall, while Mr. Angel’s non-independence and prior CEO tenure are classic governance sensitivities, Ormat’s structural safeguards (separate CEO/Chair, LID, independent committees, term limits, anti-hedging/pledging) and solid attendance help mitigate risks. Continued transparency on director equity holdings and oversight practices will be important to sustain investor confidence.