Bloomberg News

Vestas Wind Loses Second CFO as Turbine Maker Seeks Turnaround

April 15, 2013

Vestas Wind Systems A/S (VWS), the Danish turbine maker seeking a turnaround, said Dag Gunnar Andresen resigned, the second chief financial officer to quit in less than 18 months.

Andresen will leave for personal reasons by the end of the month, the Aarhus-based company said today in a statement. He will be replaced by Marika Fredriksson from May 1.

Andresen’s departure less than a year into the job comes after his predecessor Henrik Norremark quit in February last year following a full-year loss amid price pressures in the wind turbine market.

“There is no change in the strategy focus and turnaround of the company,” Morten Albaek, a company spokesman, said by phone following Andresen’s departure. “He wanted to stop for personal reasons. We regret that he has to leave.”

Vestas, which is halfway through a two-year push to cut its workforce by about 30 percent to 16,000, aims to sell factories to reduce costs and align production capacity with market demand.

Fredriksson has “extensive” experience with 15 years at companies including Gambro AB and Volvo Construction Equipment Corp, Vestas said. She played a part in “turnaround processes,” management changes and mergers and acquisitions, according to the company.

Vestas was down 2.3 percent at 46.77 kroner as of 1:10 p.m. in Copenhagen.

To contact the reporter on this story: Sally Bakewell in London at sbakewell1@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net


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