San Francisco-based Stem, Inc., a leader in energy storage solutions, announced on Thursday the resignation of board member Michael C. Morgan, effective October 7, 2024. According to the company's recent SEC filing, Morgan's departure is due to personal reasons and not related to any disagreements with the company’s operations, policies, or practices.
Morgan's notification to the board and the corporate secretary came on August 8, 2024, and was publicly filed the following day, as per the requirements of the Securities Exchange Act of 1934. The company, which trades on the New York Stock Exchange under the ticker NYSE:STEM, has not indicated any immediate plans for a successor or how this change may affect the board's composition.
As a company operating in the electrical equipment and supplies industry, Stem Inc (NYSE:STEM). has undergone several name changes in its history, previously known as Star Peak Energy Transition Corp., Star Peak Energy Acquisition Corp., and Roaring Fork Acquisition Corp. The company's fiscal year-end is on December 31, and it is headquartered at Four Embarcadero Center, Suite 710, in San Francisco, California.
In other recent news, Stem Inc. announced the departure of its Chief Revenue Officer, Alan Russo, amid a strategic realignment of its sales team. This organizational change is part of the company's broader initiatives to optimize operations and drive growth within the competitive energy storage sector. Stem Inc. has restructured its sales operations to better align with its primary business lines and has decided not to seek a replacement for the CRO position.
In addition to these internal changes, Stem Inc. experienced a notable decrease in revenue, primarily due to a revaluation of certain contract hardware guarantees. Despite this setback, the company's software gross margins exceeded expectations, signaling an optimistic outlook. Analysts from Piper Sandler, BMO Capital, and TD Cowen made adjustments to the company's stock price targets but did not change their ratings of the company's stock.
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