onurdongel/iStock via Getty Images
- Ballard Power Systems (NASDAQ:BLDP) said on Thursday it is implementing a global corporate restructuring to reduce corporate spending amid a slowdown in hydrogen infrastructure development and delayed fuel cell adoption.
- The company expects its restructuring measures to yield annualized total operating expense savings exceeding 30%, with a substantial part of the annualized savings being realized in 2025.
- The reduction measures include a reduction in workforce, operational consolidation, and reduction in capital expenditures. Cost reduction measures are not expected to impact product delivery and program execution.
- As part of the restructuring, Paul Dobson and Mark Biznek will depart as the company’s CFO and COO, respectively.
- Dobson will be succeeded by Kate Igbalode as the new CFO effective immediately, while Biznek will be succeeded by Lee Sweetland as the new COO effective at the end of 2024.
- In connection with the restructuring, the company expects to book a restructuring charge in Q3 2024.
- The company also reiterated its 2024 guidance range of $145M to $165M for total operating expenses.
