The company said Jose Luis Crespo would become President on 10 October before taking up the CEO role on 2 March. Current President Sanjay Shrestha will leave the company.

Marsh, who has led the company since 2008, will continue to serve as CEO throughout the transition period and has been appointed Executive Chair of the Board.

Current Chair George McNamee will become Lead Director in March.

The leadership changes come as the company looks to deliver its first profits after a series of cost cuts over the past two years.

Plug’s financial difficulties have been no secret. The firm has never logged a profit in its nearly three decades of existence and has accumulated a deficit of nearly $7bn.

Combined with political and market headwinds in recent years, Marsh’s leadership had come under question from various shareholders.

In a statement, Plug said the shift underscored its “ongoing commitment to continuity, disciplined execution, and long-term shareholder value creation.”

Crespo joined the company in 2014 and currently leads the firm’s revenue strategy, overseeing global sales and commercial operations.

He said Marsh’s “vision and persistence” had positioned Plug as “the leader” in hydrogen solutions, but hinted at a change in flavour under his leadership.

“My focus will be on execution, profitability, and customer success, ensuring that Plug continues to convert its technology leadership into sustainable growth,” he said.

Commenting on his successor, Marsh said, “As the market for hydrogen reaches a point of inevitability, his [Crespo’s] commercial focus and steady leadership will serve Plug well.”

On Shrestha’s departure, Marsh stressed that he played a key role in shaping Plug’s direction.

The leadership shake-up comes after the company said it expected to be margin-neutral by Q4 following job cuts, facility consolidation and more.