Ballard Power Restructuring in 2024 Aims to Cut Expenses By Over 30%

What’s Happening at Ballard Power?

Ballard Power Systems is implementing significant layoffs as part of a corporate restructuring aimed at reducing expenses by over 30%. This cost-cutting move comes in response to a slowdown in hydrogen infrastructure development and delayed fuel cell adoption.

Details

• Ballard’s global restructuring will include workforce reductions, affecting both employees and senior leadership.
• The company’s CFO, Paul Dobson, and COO, Mark Biznek, are stepping down as part of the overhaul. Kate Igbalode will succeed Dobson as CFO, while Lee Sweetland will take over the COO role at the end of 2024.
• The company is also focusing on rationalizing product development, consolidating operations, and cutting capital expenditures.
• Ballard expects a restructuring charge in Q3 2024.
• Ballard also plans to review its China strategy due to challenges in the Chinese fuel cell market.

Official Statements and Context

Randy MacEwen, Ballard Power’s president and CEO, highlighted the challenges driving the decision:
“As this delay represents a significant headwind to our corporate growth plan, we are implementing a cost restructuring to moderate our investment intensity and pacing to better align with delayed market adoption,” MacEwen said.

MacEwen emphasized that the company expects these restructuring efforts to save over 30% in annualized total operating expenses, with substantial savings realized by 2025. Despite the cuts, the company reassured that product delivery and program execution for existing customer commitments would not be impacted.

Impact in Canada

It remains unclear exactly how many Ballard Power employees in Canada will lose their job as a result of these layoffs.

are losing their job as a result of this layoff.

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Lost Your Job? Get Help Now

📞 Contact Samfiru Tumarkin LLP: 1-855-821-5900 or request a consultation online.

Our experienced employment lawyers in Ontario, Alberta, and British Columbia (BC) have helped tens of thousands of non-unionized individuals resolve their workplace issues, including wrongful dismissals.

If you’ve lost your job at Ballard Power for any reason, don’t panic. We can review your situation, assess your legal options, and help you secure the compensation you’re legally entitled to.

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