Ballard Power Systems, a leader in fuel cell technology based in Burnaby, has announced a significant change in its executive leadership. After more than 11 years at the helm, President and CEO Randy MacEwen will be stepping down, with his departure set for July 7. The company’s Board has named Marty Neese as his successor.
Reflecting on his tenure, MacEwen expressed gratitude for leading Ballard through a period of rapid growth and evolution in the hydrogen sector. “We’ve established a strong foundation and positioned Ballard as a global industry leader,” MacEwen said. He noted that, with the industry’s current focus on operational efficiency and cost reduction, the timing is right for new leadership with a deep operational background.
Marty Neese, who brings extensive experience in product standardization, cost management, and scaling production, is set to take over as CEO. Neese has previously served on Ballard’s Board and was CEO of hydrogen company Verdagy. Ballard’s Chairman, Jim Roche, praised Neese’s operational expertise and vision, stating, “Marty is the right leader for Ballard as the fuel cell industry enters a phase of rationalization and competitive realignment. His track record in innovation, commercialization, and cost control will help Ballard adapt and thrive.”
Neese described the fuel cell sector as entering a transformative period and emphasized Ballard’s commitment to long-term, sustainable growth. “We’re taking decisive steps to position Ballard for future success,” he said, highlighting the company’s robust balance sheet and talented team.
Ballard Power, which trades as BLDP on the NASDAQ and TSX, has faced a challenging market environment, with shares down significantly from their 2021 peak. In response, the company has implemented a global restructuring plan and recently delivered 200 fuel cell engines to bus manufacturer New Flyer as part of its strategy to strengthen its financial position and drive operational improvements.
