Advent Technologies Announces Management and Board Changes
Advent Technologies (NASDAQ: ADN) announced significant management changes, removing Chairman and CEO Vasilis Gregoriou and Chief Strategy Officer Chris Kaskavelis. Gary Herman has been appointed as Interim CEO, highlighting the company's untapped potential in clean energy solutions. The company also appointed Konstantinos Ferderigos as General Manager for Greek Operations and Dr. Steven Rock as the new Chief Strategy Officer. The restructuring aims to strengthen Advent's position in HT-PEM fuel cell technology and global decarbonization initiatives across multiple industries including aviation, automotive, marine, telecom, and military sectors.
Advent Technologies (NASDAQ: ADN) ha annunciato cambiamenti significativi nella gestione, con la rimozione del Presidente e CEO Vasilis Gregoriou e del Chief Strategy Officer Chris Kaskavelis. Gary Herman è stato nominato CEO ad interim, mettendo in evidenza il potenziale ancora inespresso dell'azienda nelle soluzioni di energia pulita. L'azienda ha anche nominato Konstantinos Ferderigos come Direttore Generale per le Operazioni in Grecia e Dr. Steven Rock come nuovo Chief Strategy Officer. La ristrutturazione mira a rafforzare la posizione di Advent nella tecnologia delle celle a combustibile HT-PEM e nelle iniziative di decarbonizzazione globale in vari settori, tra cui aeronautica, automobilistico, marittimo, telecomunicazioni e settore militare.
Advent Technologies (NASDAQ: ADN) anunció cambios significativos en la gestión, removiendo al Presidente y CEO Vasilis Gregoriou y al Chief Strategy Officer Chris Kaskavelis. Gary Herman ha sido designado como CEO interino, destacando el potencial no aprovechado de la empresa en soluciones de energía limpia. La compañía también nombró a Konstantinos Ferderigos como Gerente General de Operaciones en Grecia y al Dr. Steven Rock como el nuevo Chief Strategy Officer. La reestructuración tiene como objetivo fortalecer la posición de Advent en la tecnología de celdas de combustible HT-PEM y en las iniciativas de descarbonización global en múltiples industrias, incluyendo la aviación, automotriz, marina, telecomunicaciones y sectores militares.
Advent Technologies (NASDAQ: ADN)이 중대한 경영 변화를 발표하며 의장 겸 CEO인 바실리스 그레고리우와 최고 전략 책임자 크리스 카스카벨리스를 해임했습니다. 게리 허먼이 임시 CEO로 임명되어, 회사의 청정 에너지 솔루션에서의 미개발 잠재력을 강조했습니다. 회사는 또한 콘스탄티노스 펠데리고스를 그리스 운영의 일반 관리자로, 드. 스티븐 록을 새로운 최고 전략 책임자로 임명했습니다. 이번 구조 조정은 HT-PEM 연료 전지 기술과 항공, 자동차, 해양, 통신 및 군사 부문을 포함한 여러 산업에서의 글로벌 탈탄소화 이니셔티브에서 Advent의 입지를 강화하는 것을 목표로 하고 있습니다.
Advent Technologies (NASDAQ: ADN) a annoncé des changements significatifs au sein de la direction, en remerciant le Président et CEO Vasilis Gregoriou ainsi que le Chief Strategy Officer Chris Kaskavelis. Gary Herman a été nommé PDG par intérim, mettant en avant le potentiel inexploité de l'entreprise dans les solutions d'énergie propre. La société a également nommé Konstantinos Ferderigos Directeur Général des opérations en Grèce et Dr. Steven Rock nouveau Chief Strategy Officer. Cette restructuration vise à renforcer la position d'Advent dans la technologie des piles à hydrogène HT-PEM et dans les initiatives de décarbonisation mondiale à travers divers secteurs, notamment l'aviation, l'automobile, la marine, les télécommunications et le secteur militaire.
Advent Technologies (NASDAQ: ADN) hat bedeutende Managementänderungen angekündigt und den Vorsitzenden und CEO Vasilis Gregoriou sowie den Chief Strategy Officer Chris Kaskavelis abberufen. Gary Herman wurde zum Interim-CEO ernannt, um das ungenutzte Potenzial des Unternehmens im Bereich sauberer Energielösungen hervorzuheben. Das Unternehmen hat auch Konstantinos Ferderigos zum Geschäftsführer für griechische Operationen und Dr. Steven Rock zum neuen Chief Strategy Officer ernannt. Die Umstrukturierung zielt darauf ab, die Position von Advent im Bereich HT-PEM-Brennstoffzellentechnologie und bei globalen Dekarbonisierungsinitiativen in verschiedenen Branchen wie Luftfahrt, Automobilindustrie, maritime Wirtschaft, Telekommunikation und Militär zu stärken.
- Appointment of experienced turnaround executive Gary Herman as Interim CEO
- Strategic management restructuring to improve company performance
- Addition of experienced executives with technical expertise in key positions
- Removal of both Chairman/CEO and Chief Strategy Officer indicates potential internal issues
- Leadership instability could impact business operations and investor confidence
Insights
The removal of the CEO and CSO, coupled with the appointment of turnaround specialist Gary Herman as Interim CEO, signals a significant strategic shift. This management overhaul comes at a critical time for ADN, which has struggled to monetize its fuel cell technology effectively despite its potential. The appointment of experienced executives in key positions - particularly those with expertise in automation, IT transformation and practical problem-solving - suggests a renewed focus on operational efficiency and commercialization.
The strategic realignment appears aimed at accelerating market penetration across multiple sectors including aviation, automotive, marine, telecom and military. The emphasis on making High Temperature PEM Fuel Cells faster, cheaper and easier to implement indicates a shift from pure R&D to commercial viability. This restructuring could potentially address the company's execution challenges and improve its market position in the growing hydrogen technology space.
LIVERMORE, Calif., Oct. 30, 2024 (GLOBE NEWSWIRE) -- Advent Technologies Holdings, Inc. (NASDAQ: ADN) ("Advent "or the "Company"), an innovation-driven leader in the fuel cell and hydrogen technology space, is pleased to announce changes to its board and C-suite by removing Chairman and Chief Executive Officer, Vasilis Gregoriou and Chief Strategy Officer, Chris Kaskavelis. Gary Herman, an experienced turnaround executive has been appointed as Interim CEO.
Mr. Herman stated, “The changes were long overdue. Advent has tremendous untapped potential. Its technology is unsurpassed and offers a ubiquitous clean energy solution across multiple industries including aviation, heavy automotive, marine, telecom, and the military. I am excited to lead the Company going forward and intend to maximize these opportunities.”
The Company announced the appointment of Mr. Konstantinos Ferderigos as General Manager for its Greek Operations. Mr. Ferderigos is based in Athens and is also the Company’s Global IT Director. He is an experienced General Manager in large multinational corporations. He also has extensive global IT experience leading transformative ERP, CRM, Blockchain, and AI projects for industry leaders. Mr. Ferderigos is adept at driving technology strategy to unlock business value and achieve operational excellence. These skills will be highly leveraged by the Company.
Dr. Steven Rock will replace Dr. Kaskavelis as the Chief Strategy Officer. Dr. Rock holds a PhD in Computer and Systems Engineering from Rensselaer Polytechnic Institute. He is a recognized leader in automation. Dr. Rock is working on making High Temperature PEM Fuel Cells faster, cheaper, and easier to implement in passenger, commercial vehicle, drone, and lightweight aviation (eVTOL), and other stationary and portable power applications.
Emory DeCastro, Advent’s Chief Technology Officer stated, “I am supportive of the changes at Advent as it grows and pursues various business initiatives. Advent stands prepared for the next stage, with the goal of positioning HT-PEM fuel cell technology as a pivotal element in global decarbonization initiatives, working towards achieving net-zero emissions in multiple business sectors.”
Advent’s Chief Operating Officer and General Counsel, Jim Coffey, a recognized turnaround lawyer in Boston, MA stated, “I am very pleased with the changes. These individuals are extraordinarily talented and their practical approaches to problem solving and willingness to do whatever it takes to succeed will be key elements in the Company’s growth to Advent 2.0.”
About Advent Technologies Holdings, Inc
Advent Technologies Holdings, Inc. is a U.S. corporation that develops, manufactures, and assembles complete fuel cell systems as well as supplying customers with critical components for fuel cells in the renewable energy sector. Advent is headquartered in Livermore, CA, with offices in Athens and Patras Greece. With more than 150 patents issued, pending, and/or licensed for fuel cell technology, Advent holds the IP for next-generation HT-PEM that enables various fuels to function at high temperatures and under extreme conditions, suitable for the automotive, aviation, defense, oil and gas, marine, and power generation sectors. For more information, visit www.advent.energy.
Cautionary Note Regarding Forward-Looking Statements
This press release includes forward-looking statements. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “expect,” “plan,” “could,” “may,” “will,” “believe,” “estimate,” “forecast,” “goal,” “project,” and other words of similar meaning. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, the Company’s ability to maintain the listing of the Company’s common stock on Nasdaq; future financial performance; public securities’ potential liquidity and trading; impact from the outcome of any known and unknown litigation; ability to forecast and maintain an adequate rate of revenue growth and appropriately plan its expenses; expectations regarding future expenditures; future mix of revenue and effect on gross margins; attraction and retention of qualified directors, officers, employees and key personnel; ability to compete effectively in a competitive industry; ability to protect and enhance Advent’s corporate reputation and brand; expectations concerning its relationships and actions with technology partners and other third parties; impact from future regulatory, judicial and legislative changes to the industry; ability to locate and acquire complementary technologies or services and integrate those into the Company’s business; future arrangements with, or investments in, other entities or associations; and intense competition and competitive pressure from other companies worldwide in the industries in which the Company will operate; and the risks identified under the heading “Risk Factors” in Advent’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on August 13, 2024, as well as the other information filed with the SEC. Investors are cautioned not to place considerable reliance on the forward-looking statements contained in this press release. You are encouraged to read Advent’s filings with the SEC, available at www.sec.gov, for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this document, and the Company undertakes no obligation to update or revise any of these statements. Advent’s business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.
Advent Technologies, Inc.
press@advent.energy
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