The chief executive of ITM Power Graham Cooley has quit with immediate effect after 13 years at the helm.
He will be succeeded by Dennis Shulz as the firm deferred its trading update to the end of January instead of in early December.
This comes after ITM Power suffered ballooning gross losses of £23.5m earlier this year, ballooning from £6.5m in 2021. Cooley announced he would quit as a result, when a successor was found.
In late October, the energy storage and clean fuel specialists’ shares plummeted 25 per cent, as manufacturing issues hit its revenue. It has been blighted by delays in the tooling and financing of its stack modules – which connect and power products
The firm “wishes to reaffirm its appreciation for Dr Cooley’s leadership and are “in discussion regarding their ongoing relationship which, whilst not yet formalised, is likely to take the form of a consultancy arrangement”
Sir Roger Bone, Chairman of ITM Power said “we remain highly appreciative of all that Graham has done as CEO over the last 13 years. He has immense experience and expertise in the hydrogen sector, and we look forward to drawing on that expertise as we move forward to the next stage of our development under Dennis’ leadership.”
Cooley said: “Leading ITM Power over the last 13 years has been the greatest of privileges and I am immensely proud of the achievements of the team during my tenure. I warmly welcome Dennis to ITM Power and as a major shareholder I look forward to continuing to support the Company in any way I can.”