Plug Power's Longtime CEO Andy Marsh Steps Down, Jose Luis Crespo Takes Over
Plug Power's long-standing CEO, Andy Marsh, is set to step down in March 2026, transitioning to the role of executive chair. His successor, Jose Luis Crespo, currently serving as chief revenue officer, will assume the CEO role this week and take on the presidency in March.
Marsh, who has led Plug Power for nearly 18 years, will continue to guide the company as executive chair. Crespo, who joined Plug Power in 2014, has played a pivotal role in the company's growth, serving as chief revenue officer and fostering key client relationships with major companies like Amazon, Walmart, and Home Depot.
Clear Street analysts remain optimistic about Plug Power's role in the energy transition, particularly its installed base in material handling. They forecast the company's revenue to reach $719 million in 2025 and $1.13 billion by 2027. However, they have downgraded Plug Power's stock to 'Hold' from 'Buy' due to its stretched valuation. The company's share price is around $4, with a $3.50 price target.
Plug Power's long-term growth drivers include opportunities in hydrogen for refineries, ammonia production, and eventually data centers in Europe. Despite these prospects, the company faces multiple risks, including shifts in U.S. clean hydrogen incentives, execution challenges, and reliance on large customers.
Plug Power's leadership transition sees Andy Marsh stepping down as CEO in March 2026, with Jose Luis Crespo taking the helm. Despite a downgrade in stock rating due to valuation concerns, Clear Street analysts remain constructive about the company's role in the energy transition. Plug Power's future growth prospects lie in diverse hydrogen applications, but the company must navigate various risks to capitalize on these opportunities.
