Plug Power Inc Shares Slip After Mgmt. Structure Change

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Plug Power announced some significant changes to the structure of its corporate management team this morning. The hydrogen fuel cell system manufacturer added Tim Cortes, who joins with the title of Vice President of Hydrogen.

Details on Plug Power’s new VP

Cortes’ responsibilities will include overseeing Plug Power’s GenFuel segment. He will oversee customer, supplier and partner interactions and focus on growing the company’s share of the hydrogen fuel market.

The executive was previously chief technology officer and vice president of engineering at Smiths Power. He oversaw research and development and looked for global applications solutions. Under Cortes’ leadership, he doubled the company’s revenue growth in fewer than six years by expanding its product lines. He replaces Erik Hansen, who previously held the title of Vice President of Hydrogen.

Another Plug Power exec promoted

Plug Power also said this morning that it has promoted Jose Luis Crespo to the position of Vice President of Global Sales. That’s actually a newly created position. He will oversee Plug Power’s global sales strategy, growth and the entry into the market for the company’s GenDrive and ReliOn brands.

He has been with Plug Power since January 2014. He led the company’s international sales and business development efforts. With his new position, he will also manage the sales team in the U.S. and focus on building sales growth and expanding global opportunities.

“2014 marked a turning point for our business with the launch of GenKey, strong sales growth and promising new market initiatives,” said Plug Power CEO Andy Marsh in a statement. “These developments set us up for an exciting 2015 and I’m glad to have the leadership of Tim and Jose Luis in these roles to help us to convert this promise into results.”

Both Cortes and Crespo will report directly to Marsh.

Plug Power set to announce earnings

The hydrogen fuel cell system maker is scheduled to release its next earnings report tomorrow. Analysts are expecting to see losses of 4 cents per share on $26.67 million for the most recently completed quarter. Plug Power reported losses of 8 cents per share on $8.03 million in sales in the same quarter a year ago.

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