Ceres Power boss quits suddenly

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The Independent Online

Ceres Power was plunged into further uncertainty just weeks after its shares dropped to all-time lows, as its chief executive quit without warning.

Peter Bance resigned as head of the Aim-listed company – which provides fuel cell technology for boilers – "with immediate effect", the company announced yesterday. Brian Count will run the group as executive chairman until a successor to Mr Bance is appointed.

The company's shares halved in value at the end of May to 24p after field trials of its boilers were marred by technical issues. The company, which became a target for short sellers, said yesterday that it was making "good progress" in resolving the reliability and durability issues found in its boilers.