Plug board member resigns for Norilsk Nickel Role

Two members of Plug Power Inc.'s board of directors are stepping down by the end of the month.

Sergey Batekhin and Lisa Rosenblum tendered resignations effective July 21 and July 30, respectively, according to a July 21 regulatory filing with the Securities and Exchange Commission.

Batekhin is leaving the Latham-based industrial fuel-cell developer (Nasdaq: PLUG) to become CEO of Russia-based Norilsk Nickel, a mining company that produces nickel and palladium. In the filing, Batekhin said he needed to devote all of his time to the new position.

No reason was given for Rosenblum's resignation.

Neither is leaving because of disagreements with the company, Plug said in the filing.

Both Batekhin and Rosenblum were appointed by Smart Hydrogen, which designates four of Plug's 11-member board of directors. Smart Hydrogen will appoint their replacements.

In 2006, Norilsk invested $217 million in Plug Power through Smart Hydrogen. Smart Hydrogen owns all of Plug's Class B capital stock. The special stock comes with voting rights and is convertible to common stock at $5.50 a share. Plug's stock closed Monday at $2.25 a share.

http://www.bizjournals.com/albany/stories/2008/07/21/daily11.html

Source: The Business Review (Albany)