REC Silicon Management

Management criteria checks 2/4

REC Silicon's CEO is Kurt Levens, appointed in Sep 2022, has a tenure of 1.58 years. total yearly compensation is $885.22K, comprised of 72.7% salary and 27.3% bonuses, including company stock and options. directly owns 0% of the company’s shares, worth NOK4.74K. The average tenure of the management team and the board of directors is 1.3 years and 1.5 years respectively.

Key information

Kurt Levens

Chief executive officer

US$885.2k

Total compensation

CEO salary percentage	72.7%
CEO tenure	1.6yrs
CEO ownership	0.0001%
Management average tenure	1.3yrs
Board average tenure	1.5yrs

Recent management updates

Recent updates

CEO Compensation Analysis

How has Kurt Levens's remuneration changed compared to REC Silicon's earnings?
Date	Total Compensation	Salary	Company Earnings
Dec 31 2023	US$885k	US$644k	US$31m
Sep 30 2023	n/a	n/a	-US$100m
Jun 30 2023	n/a	n/a	-US$104m
Mar 31 2023	n/a	n/a	-US$113m
Dec 31 2022	US$233k	US$131k	-US$87m

Compensation vs Market: Kurt's total compensation ($USD885.22K) is about average for companies of similar size in the UK market ($USD1.04M).

Compensation vs Earnings: Kurt's compensation has been consistent with company performance over the past year.

CEO

Kurt Levens

1.6yrs

Tenure

US$885,221

Compensation

Mr. William Kurtis Levens, also known as Kurt served as Senior Vice President and General Manager of Electronic Grade Polysilicon and Silicon Gases at REC Silicon ASA since August 12, 2016. He has been Chi...

Leadership Team

Name	Position	Tenure	Compensation	Ownership
William Levens	President & CEO	1.6yrs	US$885.22k	0.00010% $ 4.7k
Jeong Yun	Chief Financial Officer	1.5yrs	US$444.47k	no data
Dongjin Jung	Chief Strategy Officer	1.4yrs	US$221.39k	no data
James Bowen	General Counsel & Corp. Sec.	1.3yrs	no data	no data
Chuck Sutton	Vice President of Global Sales & Marketing	1.3yrs	no data	no data
Vivianne Park	Vice President of Human Resources	1.3yrs	no data	no data
Jackson Sim	Senior Vice President of Operational Excellence	less than a year	no data	no data
Douglas Moore	Corporate Controller	no data	US$234.25k	no data
Jeff Johnson	Vice President of Moses Lake Operations	no data	no data	no data

1.3yrs

Average Tenure

Experienced Management: 0FS8's management team is not considered experienced ( 1.3 years average tenure), which suggests a new team.

Board Members

Name	Position	Tenure	Compensation	Ownership
Renate Oberhoffer-Fritz	Independent Director	1.9yrs	US$86.65k	no data
Tae Jun	Chairman	1.5yrs	no data	no data
Dong Kim	Deputy Chairman	1.5yrs	no data	no data
Paraskevi Bertseka	Independent Director	1.5yrs	US$88.56k	no data
Roberta Benedetti	Independent Director	1.3yrs	US$86.06k	no data

1.5yrs

Average Tenure

Experienced Board: 0FS8's board of directors are not considered experienced ( 1.5 years average tenure), which suggests a new board.

REC Silicon Management

Management criteria checks 2/4

Key information

Recent management updates

High number of new and inexperienced directors

High number of new and inexperienced directors

REC Silicon ASA Announces Board Changes

REC Silicon ASA Announces Executive Changes

REC Silicon ASA Announces CEO Changes

REC Silicon ASA Announces Resignation of Heike Heiligtag from Board of Directors, with Effective Date of August 10, 2022

Recent updates

Full year 2023 earnings released: EPS: US$0.07 (vs US$0.21 loss in FY 2022)

Investor sentiment deteriorates as stock falls 17%

Full year 2023 earnings released: EPS: US$0.07 (vs US$0.21 loss in FY 2022)

REC Silicon ASA to Report Q3, 2024 Results on Nov 07, 2024

New major risk - Negative shareholders equity

Third quarter 2023 earnings released: US$0.06 loss per share (vs US$0.07 loss in 3Q 2022)

REC Silicon ASA(OB:RECSI) dropped from Oslo OBX Total Return Index

Second quarter 2023 earnings released: US$0.03 loss per share (vs US$0.06 loss in 2Q 2022)

First quarter 2023 earnings released: US$0.08 loss per share (vs US$0.02 loss in 1Q 2022)

Forecast to breakeven in 2024

Now 21% undervalued

Full year 2022 earnings released: US$0.21 loss per share (vs US$0.12 loss in FY 2021)

Now 23% undervalued

Full year 2022 earnings released: US$0.21 loss per share (vs US$0.12 loss in FY 2021)

Now 22% undervalued after recent price drop

REC Silicon ASA to Report Q1, 2023 Results on May 11, 2023

Third quarter 2022 earnings released: US$0.07 loss per share (vs US$0.04 loss in 3Q 2021)

High number of new and inexperienced directors

High number of new and inexperienced directors

REC Silicon ASA Announces Board Changes

REC Silicon ASA Announces Executive Changes

REC Silicon ASA Announces CEO Changes

Second quarter 2022 earnings released: US$0.06 loss per share (vs US$0.015 loss in 2Q 2021)

REC Silicon ASA Announces Resignation of Heike Heiligtag from Board of Directors, with Effective Date of August 10, 2022

First quarter 2022 earnings released: US$0.02 loss per share (vs US$0.02 loss in 1Q 2021)

Hanwha Corporation (KOSE:A000880) and Hanwha Solutions Corporation (KOSE:A009830) completed the acquisition of a 18.824354% stake in REC Silicon ASA (OB:RECSI) from Aker Horizons Holding AS

REC Silicon ASA Approves Executive Appointments

High number of new and inexperienced directors

REC Silicon ASA, Annual General Meeting, Jun 15, 2022

Full year 2021 earnings released: US$0.12 loss per share (vs US$0.16 loss in FY 2020)

Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat

Forecast to breakeven in 2023

Now 20% undervalued

Third quarter 2021 earnings released: US$0.055 loss per share (vs US$0.11 profit in 3Q 2020)

Forecast to breakeven in 2023

Reliance Industries Reportedly Eyes Billion-Bollar REC Buy from ChemChina for Solar Push

Second quarter 2021 earnings released: US$0.01 loss per share (vs US$0.14 loss in 2Q 2020)

REC Group Launches Second Generation N-Peak Solar Panel

REC Group Launches Fourth Generation of the Multiple-Award-Winning Twinpeak Solar Panel

First quarter 2021 earnings released: US$0.02 loss per share (vs US$0.04 loss in 1Q 2020)

Full year 2020 earnings released: US$0.16 loss per share (vs US$0.47 loss in FY 2019)

REC Silicon ASA Approves Election of Kjell Inge Røkke and Lene Landøy as New Members of the Board

Full year 2020 earnings released: US$0.16 loss per share (vs US$0.47 loss in FY 2019)

Revenue misses expectations

New 90-day high: kr21.92

New 90-day high: kr18.08

New 90-day high: kr12.76

REC Silicon ASA, Annual General Meeting, May 11, 2021

Third quarter earnings released

Third-quarter earnings released: Revenue beats expectations

Chairman of the Board recently bought kr355k worth of stock

Rec Silicon ASA Settles Property Tax Dispute for All Years with Grant County, Washington

Group14 Technologies and REC Silicon ASA Announces U.S. Advanced Silicon Anode Production Facility

REC Silicon ASA (OB:REC) acquired Sinor As.

REC Silicon ASA Not to Provide Production or Sales Guidance for the Third Quarter or the Full Year 2020

CEO Compensation Analysis

CEO

Tenure

Compensation

Leadership Team

Average Tenure

Board Members

Average Tenure