Plug Power's Andy Marsh Steps Down After 15 Years, Stock Drops 6.3% on News
Plug Power has announced a change in leadership, with Jose Luis Crespo set to take over as CEO upon the release of the 2025 fiscal year results. Meanwhile, RWE's withdrawal from a hydrogen project in Namibia has caused a temporary setback.
Andy Marsh, who has served as Plug Power's CEO since 2008, will step down after 15 years at the helm. His departure is a strategic decision and not related to any misconduct. Crespo, the current President of Plug Power's European operations, will succeed him. The transition will see Marsh move to the role of Executive Chair of the Board, maintaining strategic influence.
The news of Marsh's departure led to a 6.3% loss in Plug Power's stock, bringing it back to $3.87. However, the stock remains up 165% on a monthly basis, reflecting the company's overall positive performance.
In other news, RWE has withdrawn from a hydrogen project in Namibia due to a lack of demand in Europe. This is seen as a short-term setback, and the project is expected to continue with other partners. The withdrawal follows a cooling down of ITM Power's stock, which fell back by around four percent to 0.97 euros after briefly crossing the 1-euro line.
Plug Power's leadership transition is expected to be smooth, with Crespo taking over from Marsh, who will continue to have strategic influence. RWE's withdrawal from the Namibia project, while a setback, is not expected to derail the project's progress.
