REG - ITM Power PLC - Planned Board Change

ITM PowerAnnouncement

14/09/2022 07:16

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RNS Number : 4051Z  ITM Power PLC  14 September 2022

14 September 2022

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

 

ITM Power PLC

("ITM Power" or the "Company")

 

Planned Board Change

 

ITM Power (AIM: ITM) announces that Dr Graham Cooley has decided to step aside
from his position as CEO of the Company after 13 years in post, during which
time he has led the Company through very significant growth and development.
The Company has commenced a process to select a new CEO.  Dr Cooley will
remain in position until a successor is appointed, and thereafter assume a
senior strategic role in the Company, reporting to the Chairman and the new
CEO. The Company wishes to place on record its enormous gratitude and respect
for Dr Cooley's leadership over the years.  The Board is delighted that the
Company will continue to benefit from his immense experience and expertise in
the hydrogen sector.

 

Dr Graham Cooley said: "It has been a privilege to lead ITM Power through its
transition from an R&D business to a world leading electrolyser
manufacturing company.  As we seek to become a global manufacturing
powerhouse, now is a good time for me to step aside and hand over to someone
with more experience in this area.

 

"The whole team at ITM Power has been a pleasure to work with and I look
forward to working with a new CEO and continuing my involvement with the
Group."

 

Sir Roger Bone, Chairman of ITM Power said in response: "Graham's contribution
to this Company's growth, over many years, is immeasurable.  We are pleased
that he has agreed to remain with the Company in a strategic role so that we
may continue to benefit from his knowledge, wisdom, experience and
relationships.

 

"On behalf of the Board, all of ITM Power's staff and shareholders, I thank
him for his efforts and vision in helping to create the business we are
today."

 

For further information please visit www.itm-power.com
(http://www.itm-power.com) or contact:

 

 ITM Power PLC                                                +44 (0)114 244 5111

 Helen Baker, Company Secretary

 James Collins & Justin Scarborough, Investor Relations

 Investec Bank plc (Nominated Adviser and Broker)             +44 (0)20 7597 5970

 Jeremy Ellis / Chris Sim / Ben Griffiths

 Tavistock (Financial PR and IR)                              +44 (0)20 7920 3150

 Simon Hudson / Tim Pearson / Charles Baister

 

About ITM Power plc:

ITM Power manufactures integrated hydrogen energy solutions for grid
balancing, energy storage and the production of renewable hydrogen for
transport, renewable heat and chemicals. ITM Power PLC was admitted to the AIM
market of the London Stock Exchange in 2004.

 

ITM Power operates from the world's largest electrolyser factory in Sheffield
with a capacity of 1 GW (1,000 MW) per annum and has an ambition to grow
capacity in line with demand to 5 GW per annum, supported by a £250m equity
raise in Q4 2021. Partners include Linde, Shell, Snam, and Vitol among others.

 

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