News reaches the business pages that Vestas have ousted their Chief Executive, Ditlev Engel, and replaced him with former Ericsson executive, Anders Runevad (pictured).
The troubled wind turbine manufacturer, once the leader in the market, but since overtaken by General Electric, has been subject to takeover talks as well as issuing five profit warnings in the eight years Engel was boss.
Occupation of factory
Readers will remember back in 2009, the Isle of Wight was brought to world-wide attention after workers at Vestas in Newport, occupied the blade factory for over three weeks, following an announcement that over 500 workers would lose their jobs.
Since the end of 2011, the company has shed almost 5,500 jobs worldwide.
In February 2012, the Chief Financial Officer and Deputy CEO both resigned from the company and in June that year, the company pulled the plug on a wind farm plan in Sheerness that had anticipated creating over 2,000 jobs.
R&D future?
Reuters report that a number of research and development projects have been halted, so what the change in leadership will mean for the future of the R&D facility in Stag Lane is unclear.
In a Webcast this week, chairman of Vestas, Bert Nordberg, said,
“We have taken a firm grip on the balance sheet and we feel now is the moment to change the CEO and get new leadership in the company.”
It’s hoped that changing top management will “give investor confidence a fresh start”.
