Ormat Technologies, Inc. announced that Mr. Angel has decided to retire from his position as Chief Executive Officer, effective July 1, 2020, after six years of successful service to the company, its employees and its shareholders. It is intended that Mr. Angel will become a member of Ormat's Board of Directors before his retirement as Chief Executive Officer and will continue to be employed by the Company through December 31, 2020 in order to assist with the management transition. The Board of Directors has appointed Mr. Blachar, the company's President and Chief Financial Officer, to succeed Mr. Angel. Mr. Blachar will assume the role of Chief Executive Officer on July 1, 2020 upon Mr. Angel's retirement. Mr. Blachar has served as Chief Financial Officer of Ormat since 2013 and was instrumental in the strategic development and growth of the company during that period. Mr. Blachar will be succeeded in his role as Chief Financial Officer by Assaf Ginzburg, effective May 10, 2020, at which point Mr. Blachar will serve as President of the Company until assuming his role as Chief Executive Officer on July 1, 2020. Mr. Ginzburg currently serves as Executive Vice President and Chief Financial Officer of Delek US Holdings, Inc. and Delek Logistics Partners, LP and has over 15 years of experience in the energy industry. In his financial positions, Mr. Ginzburg supervised teams of senior financial professionals and has significant experience in all aspects of corporate finance, financial planning, tax, accounting and investor relations.

On February 25, 2020, the company's Board of Directors declared, approved and authorized payment of a quarterly dividend of $0.11 per share pursuant to the Company's dividend policy. The dividend will be paid on March 26, 2020 to shareholders of record as of the close of business on March 12, 2020.