Plug Power‘s (NASDAQ:PLUG) stock price fell after the hydrogen technology company unveiled a staged leadership transition, elevating Jose Luis Crespo to president this week and, later, to chief executive officer.
Crespo becomes president on Oct. 10, and will assume the CEO role upon the filing of Plug's 2025 Form 10-K, targeted for March 2026, while Andy Marsh remains CEO through the handoff and shifts to executive chair.
The board also named George McNamee lead director, effective Oct. 10.
The move signals continuity and an emphasis on execution during a period when hydrogen adoption is widening across logistics, industrial applications and energy producers, Plug Power said.
Also Read: This Dollar Tree Analyst Turns Bearish; Here Are Top 5 Downgrades For Tuesday
According to Benzinga Pro, PLUG stock has gained over 83.56% in the past year. Investors can gain exposure to the stock via ALPS Clean Energy (NYSE:ACES).
Management framed the current management shift as a way to tighten discipline around profitability and customer outcomes while preserving institutional knowledge at the board level.
Crespo joined Plug in 2014 and most recently served as chief revenue officer.
Over the past decade, he helped cultivate a commercial pipeline measured in the billions and led global sales and go-to-market efforts spanning electrolyzers, fuel cells, storage and fueling infrastructure.
He has worked closely with marquee customers, including Amazon.com (NASDAQ:AMZN), Walmart (NYSE:WMT) and Home Depot (NYSE:HD), and has been a central voice in shaping Plug's growth strategy.
"Andy's vision and persistence over nearly two decades have positioned Plug as the leader in global hydrogen solutions. My focus will be on execution, profitability, and customer success, ensuring that Plug continues to convert its technology leadership into sustainable growth," Crespo said.
Plug also said Sanjay Shrestha will step down as president effective Oct. 10. Marsh's appointment as executive chair takes effect the same day and will continue after the CEO transition.
PLUG Price Action: Plug Power shares are trading down by 5% to $3.92 at last check on Tuesday.
Read This Next:
Image: Shutterstock
© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
