Ballard Bumps (en francais)

Ballard loses CEO - and a dash of Hope

The head of Ballard Power Systems Inc. has unexpectedly left the company, casting a shadow of uncertainty over the money-burning fuel-cell maker.

Dennis Campbell has left Ballard effective immediately, barely three years after he was recruited from the United States as a leader who could supposedly transform it from concept company to commercial producer.

“The board's decision was that this was the right time for a leadership change,” Ballard chairman John Sheridan, who is to fill in as interim CEO, said Thursday. The search for a replacement will likely take six to eight months, he said.

Reached at home in West Vancouver, Mr. Campbell, 57, acknowledged his exit was the board's idea, but said the timing was also right from his perspective. “I want to do something more challenging that fits with my aspirations,” he said.

“So I'm eager to do that, and eager to get back to the States,” Mr. Campbell said.

Ballard's shares, which have fallen from more than $200 apiece since 1999, dropped on the news.

I've been wondering if Ford might drop their shares in Ballard as part of their North American restructuring. Daimler Chrysler is coming out of this year in pretty good shape and well positioned for the future. Hopefully, that bodes well for Windsor.