Plug Power Promotes Crespo to CEO as Marsh Steps Down
Event summary
- Jose Luis Crespo, former President and Chief Revenue Officer, becomes CEO of Plug Power on March 2, 2026.
- Crespo led revenue growth from $27M in 2013 to over $700M in 2025, with a commercial pipeline exceeding $8B.
- Andy Marsh transitions from CEO to Chairman of the Board as part of a planned leadership shift announced in October 2025.
- Plug targets positive EBITDAS by end-2026, operating income by end-2027, and full profitability by end-2028.
The big picture
Plug Power's leadership change underscores its shift toward financial discipline and scalable growth in the hydrogen economy. With a global customer base including Amazon, Walmart, and Home Depot, the company aims to convert commercial strength into consistent profitability. The transition reflects broader industry trends toward operational efficiency and sustainable energy solutions.
What we're watching
- Execution Risk
- Whether Crespo can sustain the disciplined growth and margin expansion achieved during his tenure as President.
- Profitability Timeline
- The pace at which Plug reaches its financial objectives, including positive EBITDAS by end-2026 and full profitability by end-2028.
- Strategic Continuity
- How the transition from Marsh to Crespo impacts long-term customer relationships and operational excellence.
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