(Alliance News) - ITM Power PLC said on Thursday that its chief executive officer Graham Cooley resigned with immediate effect, though he is likely to remain as a consultant.
The Sheffield-based green hydrogen technology producer said Dennis Schulz would succeed Cooley as CEO with immediate effect.
Schulz joins from Linde Engineering, part of Linde PLC, where he was managing director since 2020. Before joining ITM, Schulz was "closely involved" in Linde's strategic ties with ITM.
ITM is in discussions with Cooley regarding an ongoing relationship. While yet to be formalised, it said this would likely take the form of a consultancy arrangement.
"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," said Chair Roger Bone.
ITM Power also said it will defer its planned trading update originally scheduled on December 8 until late January to give new CEO Schulz time to assess the company's operations and near-term priorities.
Shares in ITM Power were up 1.3% to 104.45 pence in London on Thursday morning.
By Greg Rosenvinge; gregrosenvinge@alliancenews.com
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