Source: Sharecast
The AIM-traded firm said its current CTO, Mark Selby, would move to the newly-created chief innovation officer position.
It said Hargrove, who had served as a non-executive director of the company since September 2018, would step down from the plc board on the same date and join the executive management board.
The board of directors said it was intending to appoint a new independent non-executive director in due course.
Hargrove had “extensive experience” in growing and managing technical teams in “fast-moving, innovative environments”, the company said, as well as commercialising new technologies across a range of high-growth sectors and applications.
That included her experience as a founding member and CTO of McLaren Applied Technologies, established to exploit Formula One motor racing technologies in other markets, as well as CTO of Babylon Health, and most recently as CTO at Zedsen, a medical technology start-up.
She started her career as a lecturer in engineering at Cambridge University.
Mark Selby, meanwhile, joined Ceres in 2006, with the board saying he has played a “pivotal role” in establishing the company as a technology leader in the fuel cell industry.
In his new position as chief innovation officer, Selby would lead Ceres in its new technologies beyond the established solid oxide portfolio.
It said he was stepping away from the fulltime operational CTO role to focus on developing new and future opportunities for the company, and building its team and relationships as a result.
Ceres said the new role was an “exciting step” in the company’s strategy to grow its opportunities, aligned with its goal of providing clean energy technology to meet the challenge of climate change.
“Mark has led tirelessly on all aspects of the strategy and delivery of Ceres' ‘SteelCell’ technology development,” said chief executive officer Phil Caldwell.
“This new role will leverage his considerable knowledge while providing the opportunity for him to focus on establishing future innovative technology.
“Caroline is an engineer with huge credentials and an expansive knowledge of exploiting technology commercially.”
Caldwell said he was “delighted” that Hargrove had agreed to join the company as an executive.
“She brings unique skills and experience in leading digitalisation and managing high growth technology teams which will be invaluable for the next chapter of Ceres' development.”
Ceres Power said Caroline Hargrove is a fellow of the Royal Academy of Engineering, a fellow of the IMechE, was visiting professor at Oxford from 2015 to 2018, and holds a PhD in applied mechanics from the University of Cambridge.
She received a CBE for services to engineering in 2020, and was currently a trustee of the Sorrell Foundation's National Saturday Club - a charity encouraging teenagers from underprivileged backgrounds to consider careers in the creative industries.
“Working with Phil and the team over the past three years has convinced me that Ceres has the technology, the people and the commercial opportunities to make a meaningful contribution to the global energy transition,” said Caroline Hargrove.
“I look forward to building on the excellent platform that has been established and to contributing to the future growth and success of the business.”
At 0905 BST, shares in Ceres Power Holdings were up 2.75% at 1,165.2p.
