FuelCell Energy, based in Danbury, has appointed Matthew Latino as its new chief financial officer, replacing Michael Bishop, who held the position since 2011. Latino, previously a senior finance executive at Xylem Inc., officially takes over on Wednesday. Bishop’s departure has been classified as a termination without cause, allowing him to receive severance benefits including a year’s salary of $461,591, accelerated vesting of restricted stock units, and extended health coverage.
Bishop joined FuelCell in 2003 and rose through various finance roles before becoming CFO. The leadership change coincides with FuelCell’s strategic shift towards on-site power solutions for data centers, as it aims to capitalize on a growing sales pipeline now reaching 10 gigawatts. The company is also investing in expanding its Torrington plant’s production capacity to 500 megawatts, with estimated costs between $200 million to $275 million. Despite these initiatives, FuelCell reported a net loss of $45.3 million on revenues of $33 million for its third quarter, reflecting a 29% drop in revenue year-over-year.
