Plug Power appoints Jose Luis Crespo as incoming CEO starting March 2026

Plug Power Inc. has formalised a major governance change with the appointment of Jose Luis Crespo as President effective October 10, and as Chief Executive Officer following the release of its 2025 annual report, scheduled for March 2026. This transition ends the tenure of Andy Marsh, who has led the company for nearly two decades and will now serve as Executive Chair of the Board.

Andy Marsh’s departure from operational leadership marks a strategic shift for the hydrogen solutions company. At the same time, George McNamee has been named Lead Director of the Board. These decisions, taken by the Board of Directors, aim to ensure strategic continuity while reinforcing execution discipline and a focus on financial performance.

An executive promoted from within

Jose Luis Crespo joined Plug Power in 2014 and most recently served as Chief Revenue Officer. He played a key role in the company’s commercial development, structuring a pipeline of opportunities estimated at over $8bn, and consolidating relationships with major industrial partners such as Amazon, Walmart, and Home Depot.

As the incoming CEO, he will be tasked with maintaining focus on profitability and growth objectives, in a context of global transformation of the hydrogen market. According to the company’s statements, his commercial profile, sector experience, and internal knowledge justify an appointment centred on stability and strategic leadership.

Profitability targets and strategic continuity

Within the leadership team, Crespo has contributed to shaping the company’s industrial and commercial roadmap. He has been involved in structuring plans tied to gross margin and operational profitability, prioritising alignment of resources with EBITDA targets.

Jose Luis Crespo’s appointment comes as the company seeks to accelerate the conversion of its technological leadership into tangible financial results. The Board of Directors believes his deep understanding of economic levers and commercial dynamics will be key to leading the company through its next phase of development.

Sanjay Shrestha to step down as President

At the same time, Plug Power has confirmed that Sanjay Shrestha will step down from his role as President, effective October 10. He was considered an important contributor to the company’s international development strategy and to strengthening partnerships in the hydrogen sector.

This restructuring is part of an internal evolution rather than a sudden break in governance. It also reflects the Board’s desire to prioritise sector expertise, managerial consistency, and disciplined execution of the company’s global strategy.