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Vestas directors quit after losses at wind turbine firm  

Credit:  BBC News, www.bbc.co.uk 8 February 2012 ~~

The finance chief of Vestas, the world’s largest maker of wind turbines, has quit and other directors will not be seeking re-election to the board.

The upheaval came after Vestas reported a loss about four times greater than analysts had expected.

Chief financial officer Henrik Norremark resigned on Tuesday.

Chairman Bent Erik Carlsen, deputy chairman Torsten Erik Rasmussen, and director Freddy Frandsen will not stand for re-election, said a statement.

Vestas made a loss last year of 166m euros (£138m; $220m), compared with a 156m-euro profit a year earlier.

Analysts had expected a loss of about 40.3m euros, according to data compiled by Bloomberg.

Shares in Vestas, which had lost two-thirds of their value in the last 12 months, fell another 13.3% on Wednesday.

The company has been losing market share to competitors. Last month, it announced 2,335 job cuts.

Mr Carlsen said in a television interview on Wednesday that investors wanted change.

Source:  BBC News, www.bbc.co.uk 8 February 2012

This article is the work of the source indicated. Any opinions expressed in it are not necessarily those of National Wind Watch.

The copyright of this article resides with the author or publisher indicated. As part of its noncommercial effort to present the environmental, social, scientific, and economic issues of large-scale wind power development to a global audience seeking such information, National Wind Watch endeavors to observe “fair use” as provided for in section 107 of U.S. Copyright Law and similar “fair dealing” provisions of the copyright laws of other nations. Send requests to excerpt, general inquiries, and comments via e-mail.

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