Genie Energy Ltd. (NYSE: GNE) appointed chairman Howard Jonas to assume the additional role of CEO effective Jan. 1, the company announced Nov. 29.
Jonas has served as Genie’s chairman since it was spun off from IDT Corp. in 2011. Claude Pupkin, Genie’s current CEO, will remain at Genie and continue to serve as president of Genie’s American shale oil subsidiary and senior vice president of business development. Geoff Rochwarger will remain as Genie’s vice chairman and CEO of its IDT Energy subsidiary.
“Claude Pupkin deserves tremendous credit for structuring and developing Genie Oil and Gas (GOGAS), preparing and managing Genie Energy through the spin-off from IDT, and for vigorously driving Genie’s overall strategic development,” Jonas said in the release. “He has done an outstanding job.”
“I am very pleased with the progress we have made since becoming a public company just over two years ago,” Pupkin said in the release. “IDT Energy has become one of the largest independent retail suppliers to residential customers in the Northeast, and Genie Oil and Gas has identified and is pursuing oil and gas exploration and development projects on three continents which hold tremendous promise. I look forward to continuing to contribute to the growth of Genie under Howard’s active leadership.”
“Genie is poised for further growth and expansion, building on the existing strong base,” Jonas said. “I am tremendously excited by the growth prospects of our retail energy business, and by the technologies and resources that GOGAS is pursuing. The global economy continues to recover, and with it, the need for oil and gas, particularly for transportation fuels. We have within our grasp the potential to help meet this demand with abundant, affordable and secure supplies of fuel. I look forward to taking a more active role in Genie at this stage as we continue to drive these opportunities for the benefit of our stockholders and partners.”
Genie Energy Ltd. is an independent energy company that develops unconventional energy projects. The company is headquartered in Newark, N.J.