Ballard Power Systems recently confirmed a leadership transition.
After more than a decade of leadership, Randy MacEwen is stepping down as President and Chief Executive Officer, the company announced this month.
MacEwen will continue to act as CEO until July 7, at which point Marty Neese will assume the position, according to the Burnaby-born fuel cell power company.
“It has been a true privilege to lead Ballard for the past 11 years during a dynamic period for the company and hydrogen industry,” stated MacEwen.
“We have built a strong foundation that has positioned the company as an industry leader,” he said.
However, “given changing industry dynamics, including a focus on product cost reduction,” MacEwen believes that “it is the right time for a new leader with a strong operational background to guide Ballard into the future.”
His replacement, Neese, enters the scene with experience in product standardization, product cost reduction, volume production, and gross margin optimization.
Neese, who has served on Ballard’s Board of Directors for several years while CEO of hydrogen firm Verdagy, is “the right leader for Ballard as the fuel cell industry undergoes a period of rationalization and competitive realignment,” according to Jim Roche, who functions as Ballard’s Chairman.
“His proven track record in operational excellence, product innovation and commercialization, and cost management will ensure Ballard not only adapts to this new environment but thrives in it,” Roche stated.
Neese posits that the fuel cell industry is “entering a new phase.”
“Ballard is taking decisive steps to position itself for long-term sustainable success,” he remarked.
Describing Ballard’s balance sheet as a “fortress” and their team as “talented,” Neese says he is looking forward to “building on this solid foundation, optimizing our operations, accelerating innovation, and unlocking long-term value for our stakeholders.”
Shares in Ballard, which trades publicly on the NASDAQ and TSX as BLDP, are down nearly 90% to around $2 since a 2021 high of almost $50.
Last year, Ballard Power Systems sold 200 fuel cell engines to New Flyer, a bus manufacturer, following the announcement of a global restructuring plan to cut costs and strengthen the firm’s financial position.
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