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October 8, 2025Plug Power Names Jose Luis Crespo as Incoming CEO to Succeed Long-Term Leader Andy Marsh
Plug Power Inc. (NASDAQ: PLUG), a global leader in end-to-end hydrogen solutions for the hydrogen economy, today announces the appointment of Jose Luis Crespo as President, effective as of October 10, 2025, and as its new Chief Executive Officer, to be effective as of the date the company files its Annual Report on Form 10-K for the year ended December 31, 2025, expected March 2026. Mr. Crespo will succeed Mr. Andy Marsh as CEO.
Mr. Marsh will continue to serve as CEO during the transition period and has been appointed Executive Chair of the Board, a position he will retain following March 2, 2026. In conjunction, George McNamee has been named Lead Director. Both Board appointments are effective October 10, 2025. Together, these leadership changes underscore Plug’s ongoing commitment to continuity, disciplined execution, and long-term shareholder value creation.
“I’m honored to be entrusted with leading Plug at such a pivotal moment for both the company and the hydrogen economy,” said Jose Luis Crespo. “Andy’s vision and persistence over nearly two decades have positioned Plug as the leader in global hydrogen solutions. My focus will be on execution, profitability, and customer success, ensuring that Plug continues to convert its technology leadership into sustainable growth.”
Jose Luis Crespo joined Plug in 2014, most recently serving as Chief Revenue Officer. Over more than a decade with the company, Mr. Crespo has played a pivotal role in Plug’s growth as the primary architect of a sales funnel exceeding $8 billion in transformational opportunities. He leads Plug’s revenue strategy and oversees global sales and commercial operations across all products and applications, driving both top- and bottom-line performance through disciplined cost management and a focus on profitability.
Mr. Crespo has been instrumental in strengthening relationships with key customers such as Amazon, Walmart, and Home Depot, while driving hydrogen adoption programs that are reshaping industries worldwide. Working side-by-side with Plug’s leadership team, Mr. Crespo has been a key contributor defining the company’s strategy and execution, making his appointment one that ensures continuity during a critical phase focused on operational excellence and sustained financial discipline.
“Jose Luis has been a trusted colleague and partner to our leadership team for more than a decade, always leading with transparency and respect,” said Andy Marsh. “He has built strong relationships across the company and with our customers, and his deep understanding of our business ensures continuity during this important time. As the market for hydrogen reaches a point of inevitability, his commercial focus and steady leadership will serve Plug well. I’m confident he will guide the company forward with the same integrity and collaboration that have defined his career.”
“Jose Luis brings deep knowledge of both our industry and Plug, and the Board is confident he’s the right leader to guide Plug into its next chapter,” said George McNamee, Lead Director, Board of Directors, Plug. “As a veteran leader with unmatched expertise in sales and a clear understanding of our financial goals, Jose Luis ensures continuity in Plug’s strategy and execution. He has played a pivotal role in shaping the organization’s path to profitability, supporting our gross margin and EBITDA targets, and I am confident he will continue to lead with the same commitment and vision.”
Today, Plug also announces that Sanjay Shrestha will step down as President of the Company, effective October 10, 2025. “Sanjay has played an important role in Plug’s growth over the past several years,” said Mr. Marsh. “His strategic insight, energy, and understanding of the global hydrogen market have helped shape Plug’s direction and strengthen our customer relationships. On behalf of the entire leadership team, I want to thank Sanjay for his many contributions to Plug and wish him continued success in the future.”
CEO transition to take effect in March 2026
