Andy Marsh, the chief executive officer of Plug Power, received a higher compensation package last year, mostly from stock options. Mr. Marsh succeeded in transforming Plug Power as one of the leading alternative energy technology company in the United States.
Mr. Marsh received a total compensation of $5.36 million in 2014. During the previous year, his compensation was $752,683. Last year, his salary increased by approximately $100,000, but he received $4.5 million in stock options. In 2013, he only received $58,000 in stock options.
Times Union noted that Mr. Marsh $5.36 million total compensation appeared to be the highest among any local, publicly traded company. His compensation was two times higher than the $2.1 million compensation received by Robert J. McCormick, the CEO of TrustCo Bank in 2013. At the time, McCormnick was the highest paid CEO of a local, public company.
McCormick received $2.2 million in compensation last year. Joseph DeVivo, the CEO of AngioDynamics got $2.7 million in compensation while Albany Molecular Research CEO William Marth also received a $2.7 million package in 2014.
Plug Power financial performance
Plug Power reported that its total revenue in the fourth quarter of 2014 increased to $21.5 million from $8 million the same period a year earlier. Its full-year total revenue climbed to $64.2 million from $26.6 million in 2013.
Plug Power achieved bookings of more than $150 million last year driven by the launching of GenKeyfuel cells, CenCare service and, a turnkey solution offering GenDrive fuel cells, GenCare service and GenFuel hydrogen.
The company entered a multi-site contract with Wal-Mart for more than 1,700 GenDrive fuel cell units, GenFuel infrastructure and hydrogen supply plus six years of GenCare services.
Mr. Marsh said, “These sales and booking results mark 2014 as an inflection point for Plug Power. Our results show that the market for fuel cells is real and commercially viable with enough headroom for Plug Power to continue its growth in 2015 and beyond.”
Plug Power 2015 focus
According to Mr. Marsh, material handling is a great market for Plug Power products because it can create value for its customers. He added that the company’s focus for 2015 is to expand the availability of cost-effective hydrogen, which is expected fuel growth in core markets.
Plug Power is focused on the design, development, manufacturing, and commercialization of fuel-cell systems for the industrial off-road market.