Vestas CFO resigns over recent profit warnings

Reuters News
Posted: Feb 07, 2012 9:48 PM
Vestas CFO resigns over recent profit warnings

COPENHAGEN (Reuters) - Danish wind turbine manufacturer Vestas said late on Tuesday that its chief financial officer, Henrik Norremark, resigned after explaining to the board conditions leading to recent profit warnings.

In early January, Vestas issued its second profit warning in just three months, saying that cost overruns and delayed revenues had wiped out 2011 profits.

The announcement that Norremark, who was also deputy CEO and designated last month to become chief operating officer, had quit came on the eve of Vestas' fourth-quarter report.

In its brief statement, Vestas Wind Systems A/S did not designate a successor to Norremark.

(Reporting by John Acher)