Fluence Corporation Aligns Leadership And Capital Structure For Future Growth

Fluence Corporation (ASX: FLC) has appointed chief financial officer Ben Fash as its next chief executive officer and managing director following the planned retirement of long-serving chief executive Tom Pokorsky.

At the same time, two major shareholders and company directors have agreed to convert US$1.8 million of accrued interest on a revolving credit facility into new shares, further strengthening the balance sheet.

An extraordinary general meeting in October will seek shareholder approval for both the conversion and elements of Mr Fash’s remuneration package.

Leadership Transition

Mr Fash has been Fluence’s chief financial officer since 2023 and has more than 20 years of experience across the water industry and capital markets, including more than a decade in chief financial officer roles and eight years in investment banking and private equity.

Chair Doug Brown said the board considered him a natural successor to Mr Pokorsky, who will remain involved in an advisory role after retiring.

He noted the company’s recent transformation efforts and said the new chief executive was well placed to build on that momentum.

Mr Fash described the transition as a pivotal moment for Fluence and credited Mr Pokorsky as both a mentor and a leader, expressing his belief that the company’s redefined focus would continue to drive sustainable and profitable growth.

Financial Flexibility

Alongside the leadership change, Fluence has agreed to convert US$1.8m of interest from its US$20m revolving credit facility into equity.

The conversion will be at $0.054 per share, reflecting the 30-day volume weighted average price, and will result in the issue of more than 52 million shares if approved, with Mr Brown set to receive 12.1 million shares and fellow director Nikolaus Oldendorff 40.4 million shares.

The company said the move would allow it to preserve cash and improve operating flexibility.

Mr Fash thanked both directors for their support and said the decision reflected confidence in the company’s strategy and future growth prospects.