Plug Power Announces Leadership Transition as Jose Luis Crespo Appointed CEO

On October 7, 2025, Plug Power Inc. (NASDAQ: PLUG), a pioneering force in hydrogen solutions, announced a significant transition in its leadership team. Jose Luis Crespo will step into the role of President effective October 10, 2025, and will become the new Chief Executive Officer (CEO) once the company files its Annual Report on Form 10-K for the fiscal year ending December 31, 2025, anticipated in March 2026. This strategic move comes as long-time CEO Andy Marsh prepares to transition into the role of Executive Chair of the Board.

Mr. Marsh will remain at the helm as CEO during this transitional period, ensuring a seamless handover of responsibilities. The appointment of Crespo as CEO reflects Plug Power's commitment to continuity and disciplined execution, with the aim of enhancing long-term shareholder value.

Expressing his gratitude and enthusiasm, Crespo stated, “I’m honored to be entrusted with leading Plug at such a pivotal moment for both the company and the hydrogen economy." He acknowledged Marsh's nearly two-decade-long leadership, which has solidified Plug Power's standing as a global leader in hydrogen solutions. Crespo emphasized his focus on execution, profitability, and customer success, aiming to leverage Plug's technological leadership to foster sustainable growth.

Having joined Plug Power in 2014, Crespo has built an impressive career within the company. Most recently serving as the Chief Revenue Officer, he has been instrumental in developing a robust sales funnel that exceeds $8 billion in transformative opportunities. His strategic oversight of global sales and commercial operations has been pivotal in driving both top- and bottom-line performance, with a disciplined approach to cost management.

Crespo's tenure has been marked by the establishment of strong relationships with major customers, including industry giants like Amazon, Walmart, and Home Depot. His role in advancing hydrogen adoption initiatives has been critical in reshaping various industries, positioning Plug Power as a leader in the energy transition.

Andy Marsh praised Crespo’s integrity and collaborative spirit, highlighting his deep understanding of the company's operations and customer relationships. “Jose Luis has been a trusted colleague and partner to our leadership team for more than a decade,” Marsh remarked. "His commercial focus and steady leadership will serve Plug well as the market for hydrogen reaches a point of inevitability."

George McNamee, Lead Director of Plug Power’s Board, expressed confidence in Crespo's appointment, stating that his extensive industry knowledge and experience will guide Plug Power into its next chapter effectively. With a clear understanding of the company's financial objectives, Crespo is expected to continue driving the organization towards its profitability goals.

In conjunction with Crespo’s appointment, Plug Power also announced that Sanjay Shrestha will step down as President, effective October 10, 2025. Marsh acknowledged Shrestha’s contributions to the company, emphasizing his strategic insights and energy that have significantly influenced Plug Power’s direction and strengthened customer ties.

Plug Power is at the forefront of building the global hydrogen economy, boasting a fully integrated ecosystem that spans production, storage, delivery, and power generation. As a first mover in the industry, Plug Power offers a range of solutions, including electrolyzers, fuel cell systems, and fueling infrastructure, serving diverse sectors such as material handling and energy production.

With operations on five continents and a commitment to advancing energy independence and decarbonization, Plug Power continues to lead in hydrogen production. The company is rapidly expanding its generation network to ensure a reliable, domestically produced hydrogen supply, with existing plants in Georgia and Tennessee and a new facility slated to come online in Louisiana by 2025.

As Plug Power embarks on this new leadership chapter, the focus remains on executing its strategic vision and driving the hydrogen economy forward, ensuring a sustainable and profitable future.