Stem, Inc. (NYSE: STEM), a global leader in AI-driven clean energy software and services, has announced that John Carrington has resigned as Chief Executive Officer (CEO) and from the Board of Directors, effective immediately. Carrington will remain in an advisory role until December 31, 2024, to ensure a smooth transition. The Board, with the help of an executive search firm, is actively searching for a permanent CEO, considering both internal and external candidates, to guide Stem through its next phase of growth.
David Buzby, the Executive Chair of the Board, has been appointed as interim CEO while retaining his current position. The company is concluding its previously announced strategy review, with plans to disclose the results in the coming weeks. The selection of a new permanent CEO is deemed crucial for the successful execution of Stem’s evolving strategy.
Laura D’Andrea Tyson, Lead Independent Director, expressed gratitude to Carrington: “On behalf of the Board, I want to thank John for his significant contributions to Stem. Under his leadership, Stem advanced its technology, secured growth capital, and delivered outstanding customer service. We wish him the best in his future endeavors.”
Carrington reflected on his tenure: “Serving as CEO of Stem for over a decade has been a privilege. I’m proud of our achievements, including building a strong leadership team, establishing Stem as a leader in the energy transition, and successfully executing our IPO in 2021. I have full confidence in our global team and in David as interim CEO, and I look forward to Stem’s continued growth.”
Tyson added, “David Buzby, as a founding investor and Board member, has played a key role in Stem’s success. His industry expertise and track record in advancing clean energy solutions make him well-suited to lead Stem during this transition. Alongside our new Chief Financial Officer, Doran Hole, and the rest of our talented senior leadership team, I am confident David will effectively drive Stem’s growth in software and services and maximize shareholder value.”
