Plug Power Announces CFO to Take Consultant Role

Family health reasons compell William Largent to step down as CFO, but will remain in a consultive role.

Published: 02-Mar-2001

LATHAM, N.Y., March 2 /PRNewswire/ -- Plug Power Inc. (Nasdaq: PLUG), today announced that William Largent has stepped down for family health reasons from his position as chief financial officer. This decision will enable Largent to remain with his family in Ohio, his home state. Largent will remain in a consultant role to the company on an on-going basis.

David Neumann, Plug Power's corporate controller has been appointed as acting chief financial officer until the position is filled. The company is currently conducting a comprehensive search for a new chief financial officer.

"Bill's guidance and experience was instrumental in taking the company public in 1999," said Roger Saillant, Plug Power's president and chief executive officer. "We are extremely pleased that Bill will continue to advise us over the next year and are confident in Dave's ability to serve in the acting role."

Plug Power is a leading designer and developer of on-site, electricity generation systems utilizing proton exchange membrane fuel cells for residential applications. The Latham, N.Y.- based company was founded in 1997, as a joint venture of DTE Energy Company and Mechanical Technology Incorporated. Plug Power Holland was founded in February 2000 as the first European operation base of Plug Power. The product will be sold globally through a joint venture with the General Electric Company, one of the world's leading suppliers of power generation technology and energy services. DTE Energy Technologies will distribute the units in Michigan, Illinois, Ohio and Indiana.

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