John Sheridan took over as CEO at Ballard Power Systems in February 2006TAEHOON KIM/The Globe and Mail
When John Sheridan took over as CEO at Ballard Power Systems Inc. in February, 2006, he understood the Herculean task that lay ahead.
Having previously served as chairman, Sheridan knew that the company's dream of putting fuel cells in every car was dead for the foreseeable future. His job was to promote the technology for more suitable uses, such as powering forklifts, while also managing a skeptical audience. That included investors who were still sore from the stock's crash to Earth earlier this century.
While Ballard's stock is still volatile, the company is forecasting a break-even fiscal year for the first time in its history. That's a cue for Sheridan, 60, to exit the role later this year.
What were your expectations when you started this job?
I thought this would be a three-year turnaround exercise. This company needed a new strategy, a new business model. We had to start to develop new commercial markets. That wasn't quite what unfolded. What I got was a few surprises along the way. Rather than three years, it was more like five or six to complete the turnaround.
What are some of the most challenging parts of the job?
The travel. I've travelled on average about 250,000 miles a year. That's a killer. Seeing governments that are more focused on fossil-fuel development rather than replacements–I'd put that in the category of worst things about the job. The lack of support by governments around the world is immensely frustrating.
What about dealing with pessimistic investors?
It was a challenge initially. People seemed to build upon this fervour and belief that there were going to be fuel-cell cars everywhere in the short term. People got too carried away. For us, the management team that carried the company forward and transformed it, it was a tremendous learning [experience] to never get ahead of our headlights again. Let's not promise a dream. Let's show people a realistic direction. Unfortunately, it took longer than we thought, but I think there's quite good support there now in terms of potential for the technology and how we can create value for shareholders.
What has been the best part about being CEO of Ballard?
I think [clean energy] is the most important sector. If you travel around the world and look at all of the problems we have…a lot of it all goes back to our long-held dependency on cheap fossil fuels. I think we are lucky in this company to be in clean energy. I think it's urgently needed. Some people don't take Ballard seriously. But around the world Ballard is regarded as a global leader in clean energy, so to be CEO and lead that turnaround has been great.
What are your plans after you leave the job later this year?
I've made the commitment not to do anything for the first few months. I am going to regroup with my wife, my family and my friends. Nobody would or should feel sorry for a CEO, but it's been extremely short on personal time. I have a cottage I haven't been to in four years.
So this isn't retirement for you?
No, I don't think so. I expect to still be very active.
What are you planning to take with you on the way out?
I am going to take two photographs: One is when I was with Hu Jintao, the former president of China. It will give me lots of remembrances of my many adventures in China in trying to develop fuel-cell technology there. The other is a photograph of the Ballard soccer team I was on, which was a lot of fun. I was a slow-moving striker playing against 22-year-old co-op students. It was pretty humbling.
This interview has been condensed and edited.