(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)
