FuelCell Energy Names Matthew Latino as New CFO, Michael Bishop to Remain as Advisor

FuelCell Energy, Inc. announced on October 4, 2026, that Michael S. Bishop will end his service as Executive Vice President, Chief Financial Officer, and Treasurer effective October 6, 2026. Following this date, Mr. Bishop will remain with the company for a six-month period as Senior Advisor to the Chief Executive Officer, a role he will assume on October 7, 2026, and hold through April 6, 2027.

Under a Transition Agreement entered into on October 7, 2026, Mr. Bishop will receive an annualized base salary of $461,591.00, paid weekly during the transition period. Because his separation is deemed a termination without cause, he is eligible for severance benefits, including a payment of $461,591.00 (12 months of salary) to be paid over 12 months. Additionally, Bishop will receive accelerated vesting of 68,518 unvested time-vesting restricted stock units and eligibility for a pro rata portion of his outstanding performance stock units and fiscal year 2026 Management Incentive Plan award. He is also eligible for COBRA premium reimbursement for up to 12 months following his separation.

On October 4, 2026, the Board of Directors appointed Matthew Latino to serve as Executive Vice President, Chief Financial Officer, and Treasurer, effective October 7, 2026. Mr. Latino, age 41, previously served as Senior Vice President, Finance & Segment Chief Financial Officer – Measurement & Control Solutions at Xylem Inc. (NYSE: XYL) from November 2025 to June 2026. Prior to that, he held various finance leadership roles at Xylem from June 2022 to November 2025 and began his career at Deloitte & Touche LLP.

In connection with his appointment, Mr. Latino entered into an Employment Agreement effective October 7, 2026. The agreement stipulates an annual base salary of $460,000 and a target annual bonus for fiscal year 2027 equal to 70% of his base salary. His target long-term incentive award for fiscal year 2027 is set at $1,000,000, consisting of 50% performance share units and 50% time-vesting restricted stock units. The agreement also includes a sign-on bonus of $120,000 and a one-time restricted stock unit grant valued at $400,000 expected to be issued in December 2026 and vest over two years. Mr. Latino is also entitled to severance and equity acceleration provisions in the event of a termination without cause or a change in control.