Doran Hole Named Chief Financial Officer and
Executive Vice President
David Buzby Named Executive Chair of the Board;
Laura D’Andrea Tyson Named Lead Independent Director of the
Board
Company Initiates Strategic Review of
Business
Company Separately Reports Second Quarter 2024
Earnings; Conference Call at 5:00 p.m. ET
Stem, Inc. (NYSE: STEM), a global leader in artificial
intelligence (AI)-driven clean energy software and services, today
announced the following leadership changes to support the execution
of the Company’s strategic priorities.
Doran Hole has been appointed Chief Financial Officer (CFO) and
Executive Vice President (EVP), effective September 2, 2024. In
addition to the CFO role, Mr. Hole will oversee the Company’s
software and services group, focused on delivering high quality
customer relevant software and service solutions, including the
recently announced Athena® PowerBidder™ Pro product. Mr. Hole
succeeds Bill Bush, who is stepping down as CFO, effective
September 2, 2024. Mr. Bush will continue to lead the Company’s
public power and large scale FTM projects, as well as the supply
chain team. Mr. Bush’s stepping down as CFO is unrelated to the
Company’s financial or operating results or any disagreement with
the Company regarding its financial, operational, accounting or
reporting policies or practices.
Mr. Hole is an executive with more than 25 years of global
finance and management experience, providing leadership in strategy
and operational efficiency in the clean technology industry. He
most recently served as EVP and CFO of Ameresco, where he led the
Company’s financial strategy, capital management as well as
strategic digitization efforts across the organization. Prior to
that, he served as CEO for North America, and Group Vice President
- Strategy, at ReneSola, where he played a key role in the
Company’s capital markets strategy, North American operations and
finance activities.
“We’re pleased to welcome Doran to our team as we take steps to
enhance our leadership to support an evolution of our business and
promote the Company’s focus on growing software services revenue,
extending our technology leadership and driving profitable growth,”
said John Carrington, Chief Executive Officer of Stem. “Doran’s
deep financial and business experience, strategic acumen, and
leadership qualities will be critical to our goal of focusing on
cash flow generation and increasing our software and services
revenue. Doran is a strong leader with a track record of adeptly
guiding operational strategy, and I am excited about collaborating
with Doran as we drive profitable growth.”
“I am a strong believer in Stem’s innovative software solutions
and product offerings and have seen firsthand the value that these
solutions can deliver to the market,” said Mr. Hole. “I look
forward to helping Stem grow and further mature into a financially
and operationally efficient company.”
In addition, Stem announced that David Buzby, who will continue
to serve in his current role as Chairman of the Board of Directors,
has also been appointed Executive Chair of the Board to partner
with Mr. Carrington as the Company commences a strategic review of
the business. Laura D’Andrea Tyson, a Stem director since 2021 and
current Chair of the Board’s Nominating, Governance and
Sustainability Committee, has been appointed Lead Independent
Director of the Board, effective immediately.
In connection with its review of the Company’s strategy, the
Board has also created a Software Strategy Working Group, chaired
by Gerard Cunningham, a member of the Board. The Working Group will
collaborate closely with the management team to develop this
strategy.
Stem is also streamlining its management structure by
eliminating the Chief Strategy Officer role. Prakesh Patel is
departing from the Company, effective immediately, with his
responsibilities assumed by existing members of the management
team.
Mr. Carrington continued, “On behalf of our Board and management
team, I would like to thank Prakesh for his contributions to Stem
over the years and wish him the best in his future endeavors.
Prakesh was an integral part of the core team that took Stem public
and was a very key player in building relationships with our
stockholders and analysts.”
“It has been an honor to be part of Stem for the last 11 years.
During my tenure at Angeleno Group, I helped discover Stem and led
its initial investment in the Company, subsequently joining the
Company as a senior executive. I am extremely proud of what we have
accomplished together, and I look forward to following Stem’s
success in the years to come,” said Mr. Patel.
In a separate press release issued today, Stem reported its
financial results for the second quarter of 2024. The Company will
hold a conference call today at 5:00 p.m. Eastern Time. The
conference call may be accessed via a live webcast on a listen-only
basis at https://investors.stem.com/events-and-presentations. The
call can also be accessed live over the telephone by dialing (844)
825-9789, or for international callers, (412) 317-5180 and
referencing Stem.
About Doran Hole
Doran Hole previously served as Executive Vice President and
Chief Financial Officer of Ameresco, a leading independent clean
technology integrator. In this role, he was responsible for the
Company’s financial strategy and managed capital management,
investor relations, corporate and project finance, treasury,
financial planning and analysis, financial reporting and
information technology infrastructure and security. At Ameresco, he
was also responsible for the Company’s SaaS and consulting focused
business units Applied Energy Group (AEG) and Asset Sustainability
Group (ASG), as well as overseeing its application-based off-grid
solar business, Ameresco Solar. Prior to joining Ameresco, he
served as CEO for North America, and Group Vice President -
Strategy, at ReneSola, where he played a key role in the company’s
capital markets strategy. Mr. Hole is a CFA charterholder and
Certified Public Accountant. He is a member of the Association for
Investment Management and Research (AIMR), the New York Society of
Security Analysts (NYSSA), and the American Institute of Certified
Public Accountants (AICPA). Mr. Hole earned a B.A. in Accounting
and International Business from The University of Texas at
Austin.
About David Buzby
David Buzby has been starting, building and investing in
“impact” businesses for the last 33 years with an emphasis on
renewable energy generation, energy storage/grid services,
decarbonizing the built environment, recycling, carbon removal and
lithium production. He currently also sits on the Board of Climate
Transition Capital Acquisition I B.V. and Spring Valley Acquisition
Corp. II. In the past, he has been an early investor and board
member in Sunrun Inc.; a founding investor, Chairman and Chief
Executive Officer, of SunEdison before selling to MEMC Electronic
Materials, Inc.; and a founding investor, board member and chair of
the audit committee of ValueClick before selling to Alliance Data
Systems Corporation; as well as an investor and board member of
numerous private companies. He has also held senior executive roles
in numerous companies, including Chairman, Chief Executive Officer,
Chief Operating Officer and Chief Financial Officer. Mr. Buzby
received his M.B.A. from Harvard Business School in 1988 and a B.A.
from Middlebury College in 1982.
About Laura D’Andrea Tyson
Laura D’Andrea Tyson is a Distinguished Professor of the
Graduate School and Professor Emeritus at the Haas School of
Business at the University of California, Berkeley. She has also
been Chair of the Board of Trustees and Steering Committee Member
of the Blum Center for Developing Economies since 2006, and is the
Faculty Director of the Berkeley Haas Blockchain Initiative and the
co-Faculty Director of the Sustainable and Impact Finance
Initiative at the Haas School of Business since 2019. Dr. Tyson
also serves as a director of Lexmark International Inc. and Apex
Swiss Holdings, SARL, and serves in numerous other advisory roles,
such as Senior Advisor to the Rock Creek Group and to the APAX
Global Partners Fund and advisory board member for APAX Global
Impact and the Angeleno Group. Dr. Tyson was a member of President
Clinton’s cabinet from 1993 to 1996 and was the first woman to
serve in the positions of Chair of the President’s Council of
Economic Advisors, and Director of the White House National
Economic Council. Dr. Tyson received her B.A. from Smith College
and holds a Ph.D. in Economics from the Massachusetts Institute of
Technology.
About Gerard Cunningham
Gerard Cunningham is a leader and investor focused on the AI,
Software-as-a-Service (SaaS), and climate technology sectors. Most
recently, Mr. Cunningham was a partner at McKinsey & Company,
where he co-founded the global clean technology practice (Green
Business Building), launched its AI for sustainability service line
within its AI practice (QuantumBlack), and joined the leadership of
its digital business building practice (Leap). Prior to joining
McKinsey, Mr. Cunningham had a notable career as an entrepreneur
and executive in blue-chip corporates (including Procter &
Gamble, Gap Inc., Lands End, and Booz & Company) and startups
(including Evant, Kabam, and FanDuel), where he invested in, built,
and deployed AI solutions to create shareholder value. Mr.
Cunningham holds a B.S. in Mathematics from the University of
Manchester and a Master of Science in Operations Research from
Strathclyde Business School.
About Stem
Stem provides clean energy solutions and services designed to
maximize the economic, environmental, and resiliency value of
energy assets and portfolios. Stem’s leading AI-driven enterprise
software platform, Athena® enables organizations to deploy and
unlock value from clean energy assets at scale. Powerful
applications, including AlsoEnergy’s PowerTrack, simplify and
optimize asset management and connect an ecosystem of owners,
developers, assets, and markets. Stem also offers integrated
partner solutions to help improve returns across energy projects,
including storage, solar, and EV fleet charging. For more
information, visit www.stem.com.
Forward-Looking Statements
Statements contained in this press release that are not
statements of historical fact, including those that refer to our
strategy and initiatives, our expectations for profitable growth,
the growth of our software services revenue and our ability to
deliver value creation for our shareholders, are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995.
The potential risks and uncertainties that could cause our
actual results, performance or achievements to differ from the
predicted results, performance or achievements include, among
others, our ability to execute on, and achieve the expected
benefits from, our operational and strategic initiatives; our
inability to secure sufficient and timely inventory from our
suppliers, as well as contracted quantities of equipment; our
inability to meet contracted customer demand; supply chain
interruptions and manufacturing or delivery delays; disruptions in
sales, production, service or other business activities; general
macroeconomic and business conditions in key regions of the world,
including inflationary pressures, general economic slowdown or a
recession, rising interest rates, changes in monetary policy,
instability in financial institutions, and the prospect of a
shutdown of the U.S. federal government; the direct and indirect
effects of widespread health emergencies on our workforce,
operations, financial results and cash flows; geopolitical
instability, such as the ongoing conflict in Ukraine; the results
of operations and financial condition of our customers and
suppliers; pricing pressures; severe weather and seasonal factors;
our inability to continue to grow and manage our growth
effectively; our inability to attract and retain qualified
employees and key personnel; our inability to comply with, and the
effect on our business of, evolving legal standards and
regulations, including those concerning data protection, consumer
privacy, sustainability, and evolving labor standards; risks
relating to the development and performance of our energy storage
systems and software-enabled services; our inability to retain or
upgrade current customers, further penetrate existing markets or
expand into new markets; the risk that our business, financial
condition and results of operations may be adversely affected by
other political, economic, business and competitive factors; and
other risks and uncertainties discussed in our most recent Forms
10-K, 10-Q and 8-K filed with or furnished to the SEC.
Statements in this press release are made as of the date of this
release, and Stem disclaims any intention or obligation to update
publicly or revise such statements, whether as a result of new
information, future events, or otherwise, except as required by
law.
Source: Stem, Inc.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240806867381/en/
Stem Investor Contacts Ted Durbin, Stem Marc Silverberg,
ICR IR@stem.com
Stem Media Contact Suraya Akbarzad, Stem
press@stem.com
Grafico Azioni Stem (NYSE:STEM)
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