AFC Energy PLC (AIM:AFC, OTC:AFGYF) has announced that its CEO, Adam Bond, will step down to return to Australia after ten years with the company.
Bond advised the board of his decision on 22 July. He will remain with the company over the coming months to support an orderly transition.
"I am pleased to have been part of an incredibly exciting journey with AFC Energy but feel that this is an appropriate time for me to hand over, as the company now looks to scale-up manufacturing and deployment of our generators and exploit the opportunities offered by our world-leading ammonia cracker technology,” Bond said in a statement.
The company will now engage an executive search firm to identify a successor with proven capability in scaling up similar businesses.
AFC non-executive chair Gary Bullard will take on executive duties until a new CEO is appointed.
Bullard commented: "10 years ago the Board asked Adam to move from his non-executive role, relocate to the UK and take on the CEO position.
“He has served as a great ambassador in furthering the vision of hydrogen as the way forward to a net zero economy, and in ensuring that AFC Energy, and the UK, will play a leading role in this.
“With Adam's continued support, we look forward to making a smooth transition, thank Adam for his service to the company and wish him well for the future."
The company today also reported its interim results for the the half year ended 30 April 2024.