Finance
French engineer GTT's chief executive resigns, sending shares down 5%
Published by Global Banking & Finance Review®
Posted on February 10, 2025
1 min readLast updated: January 26, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on February 10, 2025
1 min readLast updated: January 26, 2026
GTT's CEO resignation leads to a 5% share drop as the company plans a strategic review of its loss-making Elogen business.
(Reuters) -French engineering group GTT's Chief Executive Jean-Baptiste Choimet resigned on Monday, sending its shares down more than 5%, as the company prepares a strategic review of its loss-making Elogen business.
Elogen, which specialises in designing electrolysers for producing green hydrogen, failed to secure any significant orders last year and registered a core loss of 33 million euros ($34 million), GTT said.
Restructuring plans for Elogen include job cuts that could total 110 and suspension of construction at its gigafactory in Vendome, GTT said.
GTT Chairman Philippe Berterottiere will replace Choimet as CEO on an interim basis, the group added.
Elogen had planned to start electrolyser production at Vendome this year.
GTT also confirmed its revenue and core profit targets for 2024, saying they would come at the upper range of the projections announced in October.
($1 = 0.9697 euros)
(Reporting by Alessandro Parodi in GdanskEditing by Milla Nissi and David Goodman)
The main topic is the resignation of GTT's CEO and its impact on the company's shares and strategic plans.
Shares dropped due to the CEO's resignation and the strategic review of the loss-making Elogen business.
GTT plans a strategic review for Elogen, including potential job cuts and suspension of gigafactory construction.
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