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.