Intelligent Energy Holdings Plc Chief Executive Officer Henri Winand resigned ahead of a shareholder vote on whether to approve a 30-million pound ($43.4 million) loan to help the U.K. fuel cell maker avoid insolvency.
Martin Bloom, a non-executive director at the Loughborough-based company for the last four years, will become interim CEO, Intelligent Energy said Thursday in a statement. Shareholders vote today on the proposed loan, which would raise the stake of Intelligent Energy’s biggest shareholder, Meditor Group Ltd, to 72.2 percent.
“It has been an appropriate time to reassess the composition of the board,” Paul Heiden, chairman of Intelligent Energy, said in the statement. Winand led the company for about a decade and listed its shares in an initial public offering in 2014.
Phil Mitchell, another non-executive director, will continue in an advisory role after he steps down at the end of June. The remaining non-executive directors will reduce their fees to the levels received before the company’s IPO, according to the statement.
Intelligent Energy says it needs shareholder support for the proposed loan to avoid bankruptcy after it failed to raise the funds needed to install its fuel cell technology on more than 27,000 telecommunications towers in India earlier this year.