The Danish Wind Energy giant Vestas has parted company with its Chief Executive Officer Ditlev Engel with immediate effect.
Engel has led Vestas since 2005 and has been instrumental in introducing the company’s DKK 3 billion restructuring programme over the past 18 months.
Engel has been replaced by Anders Runevad, who goes to Vestas from the Swedish telecommunications company Ericsson where he was President of Region West & Central Europe.
“Following the recent measures taken, it is now the appropriate time to make this change. The company is now entering a new phase, where we want to realise our growth potential, and I am confident that Mr Runevad has the right experience to lead the company going forward,” says Vestas Board Chairman Bert Nordberg.
“The restructuring programme has resulted in a more competitive company and we thank Mr Engel for his leadership over the past eight years,” Nordberg added.
Runevad, who has now been appointed, has a long career behind him at Ericsson.
“I am delighted to be joining Vestas and look forward to leading the company in its next phase of development. I believe that my career has equipped me with the right tools to take on this task,” says Runevad.
The decision to change the company CEO at this time came as somewhat surprising.
“It is a surprise at this time, but he (Ed: Ditlev Engel) is handing over Vestas in relatively good shape,” says Michael Friis Jørgensen, analyst at Alm. Brand Markets.
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Edited by Julian Isherwood