FuelCell shares sank 12.8% in morning trading on Wednesday following the company's announcement of a leadership transition in its finance organization.

Other fuel cell stocks also dropped in morning trading. Fluence Energy fell 7%; Plug Power fell 4%; Quantumscape fell 3%; Bloom Energy fell 2%.

The company said Matthew Latino will succeed Michael Bishop as Executive Vice President, Chief Financial Officer and Treasurer effective October 7, 2026. Bishop, who served as CFO for 15 years during a tenure with the company spanning more than two decades, will remain as a senior advisor through the company's 2027 Annual Meeting of Stockholders.

Latino joins FuelCell Energy from Xylem Inc., where he served as Senior Vice President, Finance and Segment Chief Financial Officer of its approximately $2 billion Measurement & Control Solutions business. He previously led Xylem's investor relations function and began his career at Deloitte & Touche LLP.

FuelCell Energy reaffirmed its previously stated target of achieving positive Adjusted EBITDA results in the fourth quarter of fiscal 2027, subject to the planned increase in annualized production rate, the conversion of awarded capacity backlog into committed backlog, customer delivery schedules and continued execution of cost reduction initiatives.

"Mike has been a steward of this Company through every stage of its journey," said Jason Few, President and Chief Executive Officer. "Over more than two decades, he led our finance organization through periods that tested our business and our industry while maintaining a clear focus on financial discipline, integrity, the long-term interests of the business, and our commitment to shareholders."

The company said it remains focused on converting its commercial pipeline into growth while scaling manufacturing, advancing customer financing structures and maintaining balance sheet strength.