The ITM Power plc (LON: ITM) share price rose 5.97% despite announcing the resignation of its outgoing CEO, Dr Graham Cooley, who had led the company for the past 13 years and had been responsible for the company’s successes to date.
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The company’s board appointed Dennis Schulz, a Linde executive, as its new CEO to guide it through the next growth phase. Schulz has significant experience in the decarbonisation and green hydrogen markets, which can help the company expand its market share.
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Dennis was part of the Linde team working closely with ITM Power to implement the partnership between the two companies. Hence, he has some understanding of the company’s business.
Today's significant announcement was the deferral of its trading update from the initially scheduled date of 8 December 2022 to the end of January 2023, when the company will release its half-year results.
ITM Power’s board said that it had postponed the release of the trading update to give the new CEO, Dennis Schulz, time to properly assess the company’s operations and identify short and long-term opportunities, which he will highlight in the trading update.
Investors cheered today’s announcement, which marked a change of guard at ITM Power, given the company’s evolving needs. However, investors should remember that former CEO Dr Graham Cooley remains a significant shareholder in ITM Power. He has promised to help the company continue growing if needed.
The green hydrogen technology company needed fresh leadership as it looked to grow its market share and as the industry became more competitive. Hopefully, Dennis Schulz will provide the much-needed boost to the company’s bottom line soon.
Meanwhile, ITM shares have fallen 74.32% this year, leaving many investors nursing losses. Many hope the company’s fortunes shall turn around next year under its new CEO. However, only time will tell.
*This is not investment advice.
ITM Power share price.
The ITM Power share price rose 5.97% to trade at 108.30p, rising from Wednesday’s closing price of 102.20p.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.