(BFM Stock Exchange) – The specialist in cryogenic membranes for the transport of LNG announced this Monday, February 10, that Jean -Baptiste Choimet had left the company. A process of selecting a new managing director has been launched. The former boss, Philippe Berterottière, will provide interim.

Gazransport and Technigaz (GTT), finds itself much more often on the honor table than on the bench of “bad students” on the stock market.

The specialist in cryogenic membranes for the transport of liquefied natural gas (LNG), is known for the quality of its execution and its promising positioning, which derives from the development of demand for LNG. According to the independent AlphaValue design office, all of the newly ordered LNG transport ships are equipped with its technologies. Over three years, its action won 78.3%.

But, since the opening this Monday, February 10, the GTT action has suffered, losing up to 7% in the first exchanges, before containing its decline a little.

Around 11:20 am, the title lost 4.6% at 138 euros. The action is under pressure while the company carried out two announcements this Monday.

First, GTT indicated that it had completed the Elogen strategic journal, a subsidiary specializing in the design and manufacture of electrolysis intended for the production of green hydrogen. This subsidiary experienced a gloomy year 2024, without significant control. GTT also indicated that Elogen had accused a gross negative operating result of 33 million euros last year.

>> Access our exclusive graphic analyzes, and enter into the confidence of the trading portfolio

A surprise departure that disconcerts

The company has therefore decided to “redirect” and restructure this subsidiary which, once the current order book has passed, will focus on R&D.

Consequently, Elogen will suspend the construction of his “Gigafactory” in Vendôme (Loire-et-Cher) and launch a job backup plan (PSE) which is “likely” to result in the abolition of 110 positions.

At the same time, the company also announced the departure of its managing director, Jean-Baptiste Choimet, less than a year after taking office, since he was appointed in June 2024. The selection process of A new managing director has been launched.

Philippe Berterottière, Chairman of the Board of Directors and ex-CEO of GTT will become general manager, time to insure interim.

“The announcement of Elogen’s restructuring is not very surprising insofar as GTT had announced a strategic review on this activity,” explains Kevin Roger, analyst at Kepler Chevreux.

“The market probably reacts more to the announcement of the departure of the Managing Director, Jean-Baptiste Choimet. This announcement is very surprising because such a change is very unusual at GTT, a company that never makes a stir and is appreciated by market.

Before taking the post of managing director of GTT, Jean-Baptiste Choimet, had been at the head of Elogen between GTT between 2020 and 2024. “It is therefore possible that these two announcements are linked, especially since GTT will have to Negotiate/exchange with the authorities, who have granted subsidies to a company, Elogen, who will have to restructure, “says Kevin Roger.

GTT will have the opportunity to return to this announcement and take stock of the process of selecting its new managing director on February 20. The company will then announce its results for the year 2024.