Business Context and Reporting Period
This Form 8-K Current Report was filed by Ormat Technologies, Inc. on January 18, 2010. The report addresses a corporate governance event involving the Board of Directors.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report is not a financial statement filing.
Material Changes
The material change reported is the resignation of Jacob J. Worenklein from the Board of Directors and the Audit Committee. Mr. Worenklein, a director since November 2004, will step down on March 31, 2010. The resignation is due to his new role as a partner at the law firm Bingham McCutchen LLP, which has a policy preventing partners from serving as directors of public companies. The Company states there were no disagreements regarding the departure.
Outlook and Management Commentary
Management has initiated a search for a new director to replace Mr. Worenklein. No financial guidance, risks, or contingencies are discussed in this specific filing.
Key Facts for Investor Verification
- Resignation of Director Jacob J. Worenklein effective March 31, 2010.
- Reason for departure is a conflict of interest with a new partnership at Bingham McCutchen LLP.
- No disagreements between the director and the Company.
- Search for a replacement director is underway.