CEO steps down at GTT

GTT, a French developer of containment systems for liquefied natural gas (LNG) carriers and other transport and storage systems, said CEO Jean-Baptiste Choimet resigned effective immediately.

The company’s Board of Directors assigned the role of Chief Executive Officer of the GTT Group on an interim basis to Philippe Berterottière, chairman of the Board of Directors. Choimet was named to the position in June of 2024.

The Board of Directors has decided to initiate a process to select a new CEO.

GTT develops new solutions designed to support ship-owners and energy providers in their journey towards a decarbonised future. As such, the company offers systems designed to enable commercial vessels to use LNG as fuel, develops digital solutions to enhance vessels’ economic and environmental performance, and actively pursues innovation in the field of low-carbon solutions. Through its subsidiary, Elogen, which designs and manufactures proton exchange membrane (PEM) electrolysers, GTT is also actively involved in the green hydrogen sector.

The company also announced it is conducting a strategic review of the activities of Elogen. In a challenging market environment for green hydrogen, Elogen did not secure any significant orders in 2024 and recorded an EBITDA of - 33 million euros for the 2024 financial year.

Jean-Baptiste Choimet

The initial conclusions of the strategic review highlight the need for the GTT Group to reposition Elogen to enhance the value of its technological strengths. Accordingly, and without ruling out other options for its future, Elogen’s activities should, in the long term and following the delivery of current orders, focus on research and development.

This planned repositioning of Elogen’s activities involves the following measures:

The launch of a reorganisation and workforce adjustment project within Elogen, which may result in the elimination of 110 positions as part of an employment protection plan. This plan would initially include a voluntary redundancy phase to minimise, as far as possible, the number of compulsory departures.

The suspension of the construction of its gigafactory in Vendôme and the examination of future options for the site, in consultation with local authorities.