10:48 AM EDT, 06/17/2025 (MT Newswires) -- (Adds analyst comment and updates shares.)

Ballard Power Systems ( BLDP ) was down more than 10% early on Tuesday after overnight appointing Marty Neese as president and chief executive, effective July 7.

Neese succeeds Randy MacEwen who is stepping down after more than a decade at the helm. MacEwen will continue to serve as the CEO until Neese's start date and then will remain available in an advisory capacity through September 30, added the company.

Neese has "extensive experience" in product standardization, product cost reduction, volume production, and gross margin optimization, the company said. He has served on Ballard's board over the past 10 years, and as the CEO of Verdagy, an electrolysis and green hydrogen company, for the past four years.

National Bank of Canada on Monday maintained its sector perform rating and US$2.00 price target on the shares of Ballard. The bank noted the planned leadership transition "comes at a pivotal moment as the company shifts from foundation-building to execution".

All in all, National Bank noted the transition is positioned as part of a long-term succession plan designed to equip BLDP for the next phase of industrial scaling and financial discipline amid challenging hydrogen fuel cell market conditions. "With a robust balance sheet in place and no immediate or midterm financing needs, the leadership hand-off reinforces management's commitment to operational optimization, signalling a potential acceleration of cost-out initiatives and margin improvement efforts," it said.

The bank added: "With heightened focus on operational efficiency, disciplined capital preservation, and a clear edge in high-potential segments like bus and rail, the company has positioned itself to navigate a slower adoption cycle while maintaining an option toward long-term upside."

The company's shares were last seen down 11.4% to $2.135 on the Toronto Stock Exchange.

Price: 2.13, Change: -0.28, Percent Change: -11.62