Spanish wind turbine manufacturer Gamesa has ousted chief executive Jorge Calvet after the company’s market value fell 89 per cent while he was in charge.

He will be replaced by Ignacio Martin, the former boss of Spanish car maker Cie Automotive.

Reports suggest that a campaign to get rid of Calvet was driven by Spanish renewable energy giant Iberdrola, which owns 19.6 per cent of Gamesa and has two seats on its board, which unanimously voted to fire Calvet.

Calvet, who has an investment banking background, became chief executive in 2009, just as a glut in turbine manufacturing started to hit the established players in the market, most notably Danish company, Vestas, which suffered massive losses, issued two profit warning and subsequently replaced key board members.

In March this year Gamesa reported its first quarterly loss for 10 years and in the last 12 months its shares have plunged 75 per cent. After news of Calvet’s departure broke, Gamesa’s stock price rose 2.9 per cent in Madrid yesterday.

Martin said in a statement: “I am taking over at a company that successfully managed a buoyant economic period. Now that the expansion stage is behind us, it is time to focus and place more emphasis on competitiveness and profitability. We have the tools we need to come out of this process a stronger company: know-how, technological skill and an excellent team.”