ITM Power (LON: ITM) shares edged higher Friday morning after the company announced Dennis Schulz as its new Chief Executive Officer, effective from December 1, 2022.
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Schulz takes over from Graham Cooley, who announced in September that he was planning to step down as ITM CEO after 13 years.
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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Schulz was previously managing director of Linde Engineering, a division of Linde plc, and has more than 14 years of experience at Linde Engineering in various positions. He was also closely involved in ITM Power’s strategic relationship with Linde and is said to have already established strong relationships with the ITM team in Sheffield.
“I am delighted to appoint Dennis as our next CEO. We undertook a thorough search process with several high calibre candidates and we have no doubt that Dennis has the right experience, skills and enthusiasm to take ITM Power to the next phase in its development. He knows the company and technology well and is ideally qualified to help ITM reach its full potential. He will be warmly welcomed in Sheffield,” said Sir Roger Bone, Chairman of ITM Power.
Schulz said in a statement that he believes in ITM’s core technology and is looking to steer the company from the development of first-of-a-kind technology to a “highly efficient and reliable technology and manufacturing company.” He added that the potential is “enormous.”
ITM Power shares are up 0.25% at 100.95p at the time of writing. However, in 2022 the stock has declined over 75% after trading around the 392p mark in early January.
