Today it was announced by Plug Power (NASDAQ:PLUG) that a new chief financial officer has been appointed. Effective November 6, 2014, Chris Hutter will take over responsibilities for Mr. Dave Waldek who has served at Plug Power as interim chief financial officer since April of 2013. This is an important addition to the team. The new chief financial officer has extensive experience growing businesses profitably. In fact, Mr. Hutter has 20 years of experience managing financial growth strategies of publicly traded companies. But where does he come from and how can he help Plug Power? Well he will be transitioning to Plug Power from his current role as executive vice president and chief financial officer of PowerSecure International, Inc. (NASDAQ:POWR), a $270 million energy products and services company.
When I last opined on Plug Power, I had discussed the company's strengths and weaknesses under Chief Executive Officer Andy Marsh. I had indicated that the company had a history of over promising and under-delivering, but I believed that was about to change given the concerted effort management had made to increase its customer base and secure new orders. That said, the lack of a permanent chief financial officer was an inherent weakness in the management team. Now, with this new addition, I think my bull thesis has just been reinforced.
Why has this news reinforced my bullish thesis? Well, to me, the appointment of Chris Hutter is a huge success for the company. Under his financial leadership, POWR had tripled in size through sales growth and acquisitions during his time with the company. His experience as an executive in the energy sector is a win for Plug Power because he will already be familiar with the industry. With his history of success, Mr. Hutter will join the management team at Plug Power, which has really stepped up in the last year or so. This positions Plug Power to help grow the company in 2015, and should lead to further shareholder value. This addition allows me to say with confidence that Plug Power's best days are still ahead of it.
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