Plug Power Announces Leadership Transition as CEO Andy Marsh Steps Down

Plug Power, a global leader in hydrogen fuel cells and green hydrogen technology, has announced a planned leadership transition as CEO Andy Marsh prepares to step down in March 2026 to become executive chairman of the company’s board of directors. The move follows a carefully orchestrated succession plan developed over several years and is unrelated to recent federal funding developments.

Marsh, who has led Plug Power since 2008, will be succeeded by Chief Revenue Officer Jose Luis Crespo, who has played a pivotal role in driving the company’s global growth and securing top-tier clients. Crespo has been named president of Plug Power and will assume the CEO role following Marsh’s transition.

The leadership changes come amid significant progress in Plug Power’s mission to expand the global hydrogen economy. The company develops hydrogen-powered fuel cells, green hydrogen production technology, and hydrogen storage solutions designed to reduce reliance on fossil fuels and accelerate the global energy transition.

While Plug Power was awarded a $1.66 billion loan guarantee from the U.S. Department of Energy (DOE) to finance multiple green hydrogen manufacturing facilities, recent DOE funding adjustments have not affected the company’s long-term strategy. Marsh emphasized that the succession plan and strategic initiatives were in place well before any federal funding announcements.

“Plug Power has been preparing for this leadership transition for years,” Marsh said. “Jose is an exceptional candidate. He has built relationships with major global clients, including Amazon, and has been instrumental in creating our $8 billion sales pipeline. This is about continuity, growth, and ensuring our mission to scale green hydrogen technologies continues without interruption.”

Plug Power recently raised $370 million from existing investors through warrants, with the potential to secure an additional $1.4 billion. Marsh noted that the company’s financial position ensures Crespo has the resources needed to execute strategic growth initiatives and move toward profitability.

The company also completed a cost-reduction program earlier this year, streamlining operations and reducing annual expenses by $150-$200 million, while protecting jobs despite the federal funding changes. Marsh highlighted that several states, including California, continue to advance hydrogen infrastructure projects independently of DOE grants, supported by the federal fuel cell tax credit extended through 2032.

“Hydrogen is gaining momentum across the U.S. and globally,” Marsh said. “Even in red states, senators and stakeholders recognize its potential for clean energy, economic growth, and energy security. Our leadership transition ensures Plug Power is positioned to capitalize on this expanding market.”