Stem, Inc. Appoints Interim CEO Amid Leadership Changes

Stem, Inc. Leadership Transition Announcement

Stem, Inc. (NYSE: STEM), a leader in AI-driven clean energy software, announces a significant leadership transition. John Carrington has stepped down as Chief Executive Officer (CEO) and Board member, effective immediately. To facilitate this change, he will serve in an advisory role until the end of the year 2024. The company's Board is currently working with an executive search firm to find a permanent CEO to steer Stem's innovative energy software and services forward.

New Leadership at the Helm

In line with this transition, David Buzby, previously the Executive Chair of Stem's Board of Directors, has been appointed as the interim CEO. He will maintain his position on the Board while focusing on leading the company during this crucial transitional phase. The outcome of a strategic review effort is expected to be shared with the public shortly, and securing a new permanent CEO will be vital for the successful implementation of this strategy.

Tributes to Mr. Carrington's Tenure

Laura D’Andrea Tyson, the Lead Independent Director, expressed gratitude to Mr. Carrington for his years of dedicated service, noting his leadership throughout a dynamic period for Stem. Under his guidance, the company has made significant advancements in technology, raised essential capital for growth, and delivered excellent service to its clients. Tyson wished him continued success in all future endeavors.

Reflections from John Carrington

Commenting on his departure, Carrington reflected on his decade-long journey with Stem, highlighting the formation of an exceptional leadership team and the company’s pivotal role in the energy transition. He expressed confidence in the team's ability to navigate the next phase of growth under Buzby’s interim leadership.

David Buzby's Experience and Vision

Buzby's experience spans 33 years in launching and funding impactful businesses, with special emphasis on renewable energy. He holds positions on multiple Boards and has previously played pivotal roles in notable energy companies. His extensive background makes him well-suited to guide Stem through this transitional period and potentially lay the foundation for continued success.

About Stem and Its Mission

Stem’s mission is to provide innovative clean energy solutions that enhance the value of energy assets. Their AI-powered platform, Athena, enables efficient management and deployment of energy resources. The company’s services cater to a variety of energy projects, including solar energy, storage, and electric vehicle charging. Through collaboration with partners, Stem maximizes returns from energy projects by leveraging cutting-edge technology and expertise.

Future Directions for Stem

The leadership change comes at a pivotal time for Stem, as the organization aims to adapt and grow its services in response to shifting market demands. Buzby’s strategy as interim CEO will likely prioritize enhancing software and services revenue while focusing on creating greater value for shareholders.

Frequently Asked Questions

Why did John Carrington leave his position at Stem?

John Carrington stepped down to allow for a leadership transition and will serve as an advisor until the end of 2024.

Who is the interim CEO of Stem?

David Buzby, who previously served as Executive Chair of the Board, has been appointed as the interim CEO.

What is Stem known for?

Stem is recognized for its AI-driven clean energy software solutions that optimize energy asset management and enhance sustainability efforts.

What is the significance of the strategic review?

The strategic review will help guide Stem's future direction and ensure effective implementation of new initiatives under the interim leadership.

How can one learn more about Stem’s offerings?

For more information about Stem's clean energy solutions and services, you can visit their official website.

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