> ## Content Index
> Fetch the complete content index at: https://www.bullished.co/llms.txt
> Use this file to discover other available public pages before exploring further.

# FuelCell Energy Replaces CFO Michael Bishop With Xylem Finance Executive Matthew Latino, 8-K Shows
- URL: https://www.bullished.co/fuelcell-energy-replaces-cfo-michael-bishop-with-xylem-finance-executive-matthew-latino-8-76909561/
- Published: 2026-10-07T12:15:50.000Z
- Updated: 2026-10-07T14:51:21.000Z
- Description: The board treated Bishop's exit as a termination without cause; Latino's base salary is $460,000 plus a $120,000 sign-on bonus.
- Author: Matteo Parrino
- Tags: SEC Filings, FCEL, Industry: Industrials

FuelCell Energy named Matthew Latino, a former Xylem finance executive, as chief financial officer, replacing Michael S. Bishop, according to an [8-K filed Wednesday](https://www.sec.gov/Archives/edgar/data/0000886128/000110465926114207/tm2627140d2%5F8k.htm?ref=bullished.co). The board made the decision Sunday, and Latino's appointment takes effect Wednesday.

## What the 8-K says

Latino, 41, becomes executive vice president, chief financial officer and treasurer, and will serve as principal financial and accounting officer. Bishop's service in those roles ended Tuesday.

Bishop stays on as senior advisor to the chief executive through April 6, 2027, at an annualized base salary of $461,591.00, paid weekly. The company said the arrangement was mutually agreed.

The board deemed Bishop's separation a termination without cause. That triggers terms in his 2025 employment agreement, paid at the end of the advisory period:

- A severance payment of $461,591.00, equal to 12 months of base salary, paid over 12 months.
- Accelerated vesting of his 68,518 unvested time-vesting restricted stock units.
- Eligibility for his fiscal 2026 bonus, based on actual performance, and a pro rata share of his performance stock units.
- Up to 12 months of paid COBRA health-coverage premiums, subject to conditions.

All of it depends on Bishop signing and not revoking a release of claims. His other unearned equity is forfeited.

## Latino's background and pay

Latino's most recent Xylem post, held from November 2025 to June 2026, was senior vice president, finance and segment CFO for Measurement & Control Solutions. Before that he held other segment finance chief roles and, earlier, was vice president of investor relations. He joined Xylem in July 2012 after working as an audit senior at Deloitte & Touche from September 2008 to June 2012.

His employment agreement carries a $460,000 base salary and a fiscal 2027 target bonus of 70% of salary. His target long-term equity award is $1,000,000, expected to be half performance share units and half time-vesting restricted stock units.

He also gets a $120,000 sign-on bonus, repayable if he leaves voluntarily or is fired for cause within 12 months. A one-time restricted stock grant valued at $400,000 is expected to be issued in December 2026 and vest over two years.

If he is fired without cause or quits for good reason outside a change in control, he gets 12 months of salary plus COBRA premiums. The filing says there are no arrangements behind his selection and no family ties to company directors or officers.

## What it changes for holders

The filing does not give a reason for the change. FCEL shares were down about 4%, at $19.90, in Wednesday pre-market trading, after Tuesday's close of $20.65, a session that came before the disclosure.

Latino's $400,000 restricted stock grant is expected in December 2026, and Bishop's advisory term runs through April 6, 2027.

### Sources

- [8-K Filing — FUELCELL ENERGY INC (FCEL)](https://www.sec.gov/Archives/edgar/data/0000886128/000110465926114207/tm2627140d2%5F8k.htm?ref=bullished.co) — SEC EDGAR