FuelCell Energy Appointed New Chief Financial Officer
The company named Matthew Latino as CFO following the 15-year tenure of predecessor Michael Bishop.
Updated on Oct. 7, 2026 in People
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FuelCell Energy has appointed Matthew Latino as its new chief financial officer. Latino replaces long-time CFO Michael Bishop, who will remain with the company as a senior adviser until April 2027.
Why it matters
The leadership change comes as FuelCell Energy navigates a period of significant production scaling to meet rising electricity demands from data centers. The transition follows a decline in share price and a streak of missed revenue estimates for the company.
The company reported $1.30 billion in committed backlog as of July 2026, representing a 4.1% increase compared to the previous year. FuelCell Energy shares declined 14% on October 7, despite a nearly 120% increase in stock value throughout 2026.
The players
Matthew Latino
He is the newly appointed chief financial officer of FuelCell Energy and previously worked as a segment CFO at Xylem.
Michael Bishop
He served as the chief financial officer of FuelCell Energy for 15 years and will now act as a senior adviser until 2027.
FuelCell Energy
This company designs, manufactures, and operates fuel cell power plant solutions for various clean energy applications.
Xylem
This is a global water technology company that provides equipment and services for water and wastewater applications.
The details
Matthew Latino joins the firm from Xylem, where he previously served as a segment CFO. FuelCell Energy is currently focused on ramping up its manufacturing capabilities to reach a 100 MW annualized production rate by October 2026 to support new data center power projects.
Timeline
July 2026: Backlog reached $1.30 billion.
October 7, 2026: CFO transition announced and share price declined.
October 2026: Planned production rate increase to 100 MW.
Q4 2026: Initial deliveries for Fit Energy deal begin.
April 2027: Michael Bishop concludes tenure as senior adviser.
Market Landscape
This leadership transition occurs as the energy sector undergoes a rapid shift to increase manufacturing capacity for data center power needs. The move positions the company to better align its financial oversight with its aggressive production goals amid fierce competition in the energy infrastructure market.
Shareholders may experience volatility as the company manages its transition to a new CFO while attempting to hit production targets. Customers expecting project delivery should look for updates in Q4 2026 when the company begins initial shipments for its new energy deals.
The takeaway
Leadership transitions in energy firms often signal a strategic pivot toward meeting specific growth milestones or operational targets. Investors and stakeholders should monitor the company's Q4 production figures to see if the new executive team successfully maintains the projected growth trajectory.
What happens next
FuelCell Energy is scheduled to increase its annualised production rate to 100 MW by October 2026, with initial deliveries for the Fit Energy deal expected to begin in Q4 2026.
Further reading
For more information on executive movements and industry leadership changes, visit the People section.
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