Plug Power Suffers Drop in Shares Following Mittleman Resignation

August 24, 2000 by Jeff Shepard

Plug Power Inc. (Latham, NY) shares dropped eight percent after the company announced the resignation of Gary Mittleman as president, CEO and director. The company stated that Greg Silvestri, its executive vice president of operations, has been appointed COO, adding that he will manage the everyday operations until Plug Power finds a new president and CEO.Barry Glickman, president of GE Fuel Cell Systems (Schenectady, NY), stated that General Electric Co. (Fairfield, CT) "continues to have confidence in the existing Plug Power management team and will support them during this important transition. GE remains committed to our relationship with Plug Power."