Danbury-based FuelCell Energy Inc. quietly parted ways with four senior executives over the last year and rewarded workers with bonuses for identifying cost savings, according to the company’s annual proxy statement filed this week.
Danbury-based FuelCell Energy Inc. quietly parted ways with four senior executives over the last year and rewarded workers with bonuses for identifying cost savings, according to the company’s annual proxy statement filed this week.
The disclosures, contained in FuelCell Energy’s Schedule 14A filed Wednesday with the U.S. Securities and Exchange Commission, offer new details about the company’s fiscal 2025 restructuring as it pursues a strategic pivot toward data center customers.
Chief Commercial Officer Mark Feasel was terminated without cause effective May 2, 2025. Executive Vice President of Strategic Partnerships Michael Lisowski was also terminated without cause, effective July 4, 2025. The proxy does not explain the business rationale behind either departure.
A third executive departure, not disclosed in the proxy, came when Michael Hill resigned as executive vice president and chief commercial officer effective Sept. 5, 2025, to pursue another opportunity, according to a separate SEC filing. The company said Hill’s departure was not due to any disagreements with the company.
The exits add to the previously reported departure of General Counsel Joshua Dolger in January. FuelCell Energy
reached a separation agreement with Dolger in February under which he will receive about $398,000 in severance, the HBJ previously reported.
The departures come as FuelCell Energy has been reshaping its operations and leadership. The company reduced its overall workforce by about 28% between October 2023 and October 2025 through two rounds of restructuring, the HBJ previously reported. The company employs about 424 people and manufactures fuel cell systems at a facility in Torrington.
The company also ran an incentive program during fiscal 2025 that rewarded employees for identifying ways to reduce expenses.
Under the initiative, called the “Cost Savings Challenge,” employees received a cash bonus equal to 3% of their base salary for identifying cost reductions that were verified by the company.
Despite the internal turbulence, FuelCell Energy
reported higher fourth-quarter revenue and improved operating results.
The company is positioning itself around power demand from artificial intelligence-driven data centers, and in January
announced a non-binding letter of intent with London-based Sustainable Development Capital LLP to explore deploying up to 450 megawatts of fuel cell systems for data centers and other distributed power applications.
Shareholders will vote on a new slate of eight directors and an expanded equity incentive plan at the company’s April 2 virtual annual meeting.
