HomeRenewablesWindChief of windpower firm Nordex quits after share fall

Chief of windpower firm Nordex quits after share fall

The chief executive of German wind turbine manufacturer Nordex is to step down after the company’s share price fell on the back of a weakened outlook for the next year.

José Luis Blanco will succeed Lars Bondo Krogsgaard at the end of this month.

Despite Nordex enjoying record sales and profits in 2016, its forecast predicted lower sales and profits for 2017/2018 because of weaker business expectations in Brazil, India and South Africa.à‚ The company ” which last year acquired Acciona Windpower ” said the outlook “disappointed the market”.

Krogsgaard said: “Nordex is fundamentally stronger than ever, but our credibility has suffered as a consequence of the outlook, and this follows a period where our handling of communication matters has been criticized. This is, ultimately, my responsibility, and I have therefore proposed to the supervisory board that I am released from my contract on mutually acceptable terms in the company’s best interest.”

The board has accepted Krogsgaard’s proposal and he will leave the company on March 31.

Since the merger of Nordex and Acciona Windpower, José Luis Blanco has been the deputy chief executive and chief operating officer. Previously, he was chief executive of Acciona Windpower for more than four years.

Nordex chairman Dr Wolfgang Ziebart said that during Krogsgaard’s tenure “our company has more than tripled in size at steadily improving margins, and we have become a truly global player. This would not have happened without Lars’ vision and energy. I regret Lars’ departure, but the board respects his decision to do what is considered to be in the best interest of the company.”à‚ 

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