On Andy Marsh’s leadership, Frank Wolak, Vice President of FuelCell Energy and FCS&EE Board Member, said, “Andy has a substantial track record of industry leadership, active engagement and passion, the exact attributes the Industry Executive Award seeks to honor.” Equally important, I believe in our industry and in the fuel cell future that we are all building together.” “I believe in Plug Power, our products and our people. Marsh, who became Plug Power’s CEO in 2008. “I am greatly honored to receive this award,” said Mr. Prior to Plug Power, he co-founded and served as CEO of Valere Power and spent almost 18 years at Lucent Bell Laboratories. He also represents Plug Power at the global Hydrogen Council. Department of Energy’s fuel cell policies. Marsh currently serves as the Chairman of the Fuel Cell and Hydrogen Energy Association (FCHEA) and is a member of the Hydrogen and Fuel Cell Technical Advisory Committee (HTAC) that helps guide the U.S. Marsh also continues to serve as prominent voice for, and booster of, the industry.” World-leading companies such as Amazon, Walmart, and Carrefour are among the customers of Plug Power’s fuel cell products and technologies.Ī graduate of Duke University, with an MBA from Southern Methodist University, Mr. “He has guided Plug Power’s and market sector growth in materials handling and backup power, and is now expanding into other industrial applications. Marsh surely fits this description,” said Morry Markowitz, President of the Fuel Cell and Hydrogen Energy Association (FCHEA) and member of the FCS&EE Board, who presented the award. This award is in recognition of an executive who has led his or her organization successfully but who has played a decisive role in helping the growth of the overall industry. Andy Marsh, CEO of Latham, New York-based fuel cell manufacturer Plug Power, received the Fuel Cell and Hydrogen Industry Executive Award for 2019 at the biannual Fuel Cell Seminar and Energy Exposition (FCS&EE), the largest and longest running gathering of the international fuel cell and hydrogen industry in North America. Incentivizing Andy solely for pumping the share price is just bad as this might result in renewed accounting shenanigans to hide severe underperformance in the business.LONG BEACH, Calif., Nov. Marsh allegedly created appears to be only viable for the company's customers as Plug Power has lost hundreds of millions of dollars in the core material handling business due to the requirement to subsidize hydrogen and much higher-than-expected service and maintenance costs for the company's GenKey technology.Įven worse, the company essentially paid anchor customers like AMZN and WMT for ordering its solutions as both made massive gains on warrants extracted from PLUG in 2017. In addition, "the first viable market for hydrogen fuel cells" Mr. Marsh is absolutely critical."Īndy is 66 years old - where does the BoD expect him to go if the award would have been somewhat smaller? :-))) As we enter the next phase of our growth, retaining Mr. Marsh had the vision and execution to create the first viable market for hydrogen fuel cells, which established the foundation for Plug Power to build a green hydrogen ecosystem. " It is not an overstatement to say that our CEO is the recognized industry leader in green hydrogen. The compensation committee "used its collective judgment to size the performance stock option grants for the CEO and the other management team participants at levels that it believed would be motivational and retentive and, most importantly, pay for actual performance delivery and value creation," the proxy statement said. The company said the value of option awards represent the aggregate grant date fair values of such performance-based stock options assuming the probable outcome of the performance conditions based on the maximum level of achievement - an approach it says is "unconventional," as the compensation committee does not use a prescribed formula for setting the size of the stock option grants, but "we firmly believe that it is imperative to meet this transformational moment" in Plug's history to have a "bold" incentive design. Plug Power ( NASDAQ: PLUG) CEO Andrew Marsh racked up more than $52M in total compensation in 2021, up from $13.6M in 2020 and $3.7M in 2019, Barron's reports.Īccording to Plug Power's ( PLUG) 2021 proxy statemen t filed late Monday, last year's compensation included a $750K base salary and options awards valued at $50.8M, compared with $4.18M in options during 2020.
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