ITM Power delays trading update as CEO departs

ITM Power announced the resignation of Graham Cooley as its chief executive officer on Thursday, with immediate effect.

The AIM-traded firm said that as part of its previously-announced planned succession process, Dennis Schulz would succeed Dr Cooley as CEO at the same time.

It also said that, in order to provide Schulz with enough time to assess its operations and identify near-term priorities, it was deferring its planned trading update scheduled for 8 December.

The company said it now expected to provide an initial strategic and operational update at the time of its half-year results, by the end of January.

“Leading ITM Power over the last 13 years has been the greatest of privileges and I am immensely proud of the achievements of the team during my tenure,” said Dr Graham Cooley.

“I warmly welcome Dennis to ITM Power and as a major shareholder I look forward to continuing to support the company in any way I can.”

Dr Cooley said he would resign on the finding of a successor, after the company reported wider gross losses of £23.5m earlier in the year, compared to £6.5m in the 2021 period.

ITM Power said it was in discussions with Dr Cooley over their ongoing relationship which, while not yet formalised, was likely to take the form of a consultancy arrangement.

“We remain highly appreciative of all that Graham has done as CEO over the last 13 years,” said chairman Sir Roger Bone.

“He has immense experience and expertise in the hydrogen sector, and we look forward to drawing on that expertise as we move forward to the next stage of our development under Dennis' leadership.”

At 0834 GMT, shares in ITM Power were up 2.71% at 105.95p.

Reporting by Josh White for Sharecast.com.