The ITM Power plc (LON: ITM) share price has risen 7.43% in 2023 despite the lack of announcements from the energy storage and clean fuel company. The last significant news from the company was the postponement of its trading update on 1 December 2022.
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At the time, the firm also announced the resignation of Graham Cooley as its Chief Executive Officer (CEO) with immediate effect. The resignation surprised investors but did not significantly impact the company’s share price.
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ITM Power appointed David Schulz as its new CEO taking over from Cooley to guide the firm in its next growth phase as it seeks to win more business. The company chose Schulz due to his experience growing other companies with similar needs.
The clean energy company said it would provide an operations update by the end of January 2023 after its new CEO thoroughly understood its business. Many expect Schultz to present a new way forward for the company.
ITM Power is at a crucial inflexion point given the stiff competition in the clean energy industry, which many developed countries have favoured over the past few years. The recent surge in demand for energy has seen many governments shift their focus to easily accessible energy sources such as oil and gas.
Industry experts are concerned that the Russia-Ukraine war may have slowed the adoption of clean energy sources. European governments led by Germany turned to fossil fuel sources such as cola to meet their country’s energy needs.
Many other countries, such as the United Kingdom, have turned to nuclear energy as a reliable energy source dealing a further blow to years of policies focused on facilitating a shift to clean and renewable energy sources.
Companies such as ITM Power have to pivot and adapt to the current environment to continue growing their operations despite the shift back to fossil fuels and nuclear energy. Therefore, appointing a new CEO seems to be the right approach for ITM Power.
*This is not investment advice.
ITM Power share price.
The ITM Power share price has risen 7.43% this year. Will it continue rising?
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