FuelCell Energy names new CFO as Bishop exits executive role

FuelCell Energy, Inc. appointed Matthew Latino as Executive Vice President, Chief Financial Officer and Treasurer, effective October 7, 2026, replacing Michael S. Bishop, who stepped down from the role on October 6, 2026.

Latino, 41, most recently served as Senior Vice President, Finance and Segment CFO at Xylem Inc. (NYSE: XYL) from November 2025 to June 2026. Before that, he held several finance leadership roles at Xylem dating back to July 2012, and prior to that served as an Audit Senior at Deloitte & Touche LLP from 2008 to 2012.

Under his employment agreement, Latino will receive an annual base salary of $460,000, a target annual bonus of 70% of base salary for fiscal year 2027, and a sign-on bonus of $120,000. He is also set to receive a one-time restricted stock unit grant valued at $400,000, expected to be issued in December 2026 and vesting over two years. His fiscal year 2027 long-term incentive target is $1,000,000, split equally between performance share units and time-vesting restricted stock units.

Bishop will remain with the company as Senior Advisor to the Chief Executive Officer through April 6, 2027, earning an annualized base salary of $461,591 during that period. The company's board classified his departure from the CFO role as a termination without cause. Following the transition period, Bishop will receive a severance payment of $461,591, accelerated vesting of 68,518 unvested restricted stock units, up to 12 months of COBRA premium coverage, and eligibility for a pro rata portion of outstanding performance stock units based on actual results.

FuelCell Energy's stock trades on Nasdaq under the ticker FCEL. The disclosures are based on a Current Report on Form 8-K filed by the company.

You May Also Be Interested In

• Coca-Cola picks Omnicom for North America, keeps WPP globally
• MSG Rangers, Huron Consulting to join S&P SmallCap 600
• Melar shareholders approve merger with Italian e-grocery firm Everli