Hazer shares climb 8% amid CEO appointment

The hydrogen producer's shares are off to a flying start on Wednesday.

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Key points

  • Hazer shares surge 7.5% to 64.5 cents each despite the ASX 200 index backtracking during mid-morning trade
  • The company announced it has appointed Glenn Corrie as its CEO effective on 10 October 2022
  • Corrie will use his expertise in driving the next phase of growth of the company's decarbonisation technologies

The Hazer Group Ltd (ASX: HZR) share price is defying the S&P/ASX 200 Index (ASX: XJO) to head north today.

This comes after the hydrogen producer announced a senior leadership change.

At the time of writing, Hazer shares are up 7.5% to 64.5 cents.

In comparison, the benchmark ASX 200 index is down by 1.34% to 6,672.7 points following losses on Wall Street overnight.

Hazer appoints new CEO

In its statement, Hazer advised it has appointed Glenn Corrie as its newest CEO, replacing current managing director Geoff Ward.

As part of an agreed succession plan, the board is bolstering its leadership team to address the company's next phase of development.

Corrie brings more than 25 years of international energy industry, private equity, and investment experience.

He has a track record of successfully leading large-listed and private equity-backed companies in driving growth.

Furthermore, Corrie holds substantial capital market knowledge across the equity and debt markets. This includes extensive global mergers and acquisitions experience across Asia, China, Africa, Latin America, the US, and Europe.

Corrie is currently an executive board member of Suriname's state oil company Staatsolie.

Prior to that, Corrie held the title of CEO and managing director of ASX-listed Sino Gas and Energy.

He was also the founding CEO of NEO Energy, a private equity-backed oil and gas emerging company.

Corrie will be based at the company's headquarters in Perth and commence the top position on 10 October 2022.

In the meantime, Ward will remain in his current capacity to ensure a smooth transition until the formal takeover.

Management commentary

Hazer chair Tim Goldsmith touched on the appointment, saying:

We are delighted to welcome a leader of Glenn's calibre to head a strong team as we enter the next phase of growth for Hazer and look forward to Glenn driving the company forward and realising the potential of the technology in helping to meet the sustainable energy needs of our changing world.

…Our company has undergone a significant transformation over the last four years with the completion of the Woodman Point Commercial Demonstration Project and securing the Burrard Hydrogen Project in British Columbia.

We look forward to driving these projects to demonstrate the huge potential of our technology to provide clean energy and emissions reduction in difficult-to-abate sectors…

Hazer share price snapshot

Over the last 12 months, the Hazer share price has lost 27% and is down 47% year to date.

Its shares hit a 52-week low of 47 cents each last Friday before rebounding slightly in the days following.

Based on today's price, Hazer presides a market capitalisation of roughly $100 million.

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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