- Push-out Score determined
- After around eight years in the position
- No successor named
(exechange) — Danbury, Connecticut, June 5, 2019 — Chip Bottone, chief executive of FuelCell, leaves. As announced by FuelCell Energy Inc. in a regulatory filing published on Wednesday, June 5, 2019, Arthur A. (Chip) Bottone leaves his post as Chief Executive Officer at the electric services company after around eight years in the role, effective immediately.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 7.6 years, according to data compiled by exechange.
FuelCell did not name a replacement for the position of Chief Executive Officer.
No reason given
In the announcement, FuelCell did not explicitly explain the reason for Chip Bottone’s move.
Precise information regarding Chip Bottone’s future plans was not immediately available.
“Terminated”
FuelCell said: “On and effective as of June 5, 2019, FuelCell Energy, Inc. … terminated the employment of its President and Chief Executive Officer, Arthur A. Bottone, without cause.”
Share price decline
The announcement follows a decline in FuelCell Energy, Inc.’s share price of 94 percent since June 2018.
Chaired by James H. England
FuelCell Energy, Inc. is chaired by James H. England.
England is a Corporate Director and has been the CEO of Stahlman-England Irrigation, Inc. since 2000.
In the position of CEO since 2011
Additionally, on June 5, 2019, Bottone resigned as a director of the Company and its subsidiaries, effective immediately, and the Company agreed to waive Bottone’s obligation not to compete with the Company pursuant to his employment agreement dated February 8, 2011 and amended on January 1, 2012.
Bottone joined FuelCell Energy in February 2010 as Senior Vice President and Chief Commercial Officer and was promoted to President and Chief Executive Officer in February 2011.
Bottone’s focus was to accelerate and diversify global revenue growth to achieve sustainable profitability by capitalizing on heightened global demand for clean and renewable energy.
Bottone has broad experience in the energy field including traditional power generation and alternative energy.
Prior to joining FuelCell Energy, Bottone spent 25 years at Ingersoll Rand, a diversified global industrial company, including as President of the Energy Systems business.
Bottone received an undergraduate degree in Mechanical Engineering from Georgia Institute of Technology in 1983, and received a Certificate of Professional Development from The Wharton School, University of Pennsylvania in 2004.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to FuelCell and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 23.2019 ($).