Faltering Danbury Fuel Company Names New CEO

DANBURY, CT — FuelCell Energy, Inc., has appointed Jason Few as its new president and chief executive officer, effective today, the company announced in a release.

Few takes the reins of the struggling molten carbonate fuel cell power plant developer from FuelCell's corporate adviser Jennifer Arasimowicz, who served as president in a temporary capacity following the employment termination of Chip Bottone on June 5. Arasimowicz will remain in her role as general counsel, corporate secretary, executive vice president, and chief commercial officer.

Commenting on his appointment, Few said, "It is a privilege to be asked by the Board to lead FuelCell Energy through its continued transformation. FuelCell Energy is well positioned to fully participate in the global clean energy future. FuelCell Energy has a fantastic business, a talented team and market leading clean energy technology."

FuelCell's stocks plummeted 97 percent in the last four quarters, giving the company a current valuation of $37 million. Founded in 1969, the Danbury-based alt-energy manufacturer was among the first to commercialize devices used in producing electrical power. But heightened competition from solar energy providers struck the wind from its sails, and it failed to hit its yearly target revenue since 1997.

Few, 53, previously served as President of Sustayn Analytics, a data visualization and analytics company focused on the waste and recycling industries.

FuelCell has a lot riding on Few, and it shows in his compensation package. The company will pay its new CEO $500,000 as a sign-up bonus, $200,000 to cover the cost in his transition from Houston to Danbury, an annual salary of $475,000, and an annual bonus of at least 90 percent of his base pay.