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Vestas profits down, chairman resigns

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Must Reads
Wednesday, February 08, 2012

Vestas Wind Systems 2011 profits were well below expectations, prompting its chairman to announce his resignation.

Bent Erik Carlsen said Wednesday in a live television interview that investors wanted change, forcing him and Deputy Chairman Torsten Erik Rasmussen to decline a re-election bid at next month's shareholder meeting.
The pair have been criticized for poor financials and a loss of market share to Chinese competitors. Last month, the company announced it would lay off 2,335 people and it has already slashed its 2012 earnings forecasts twice. The layoffs include cuts in the United States, with some possible at the company's U.S. headquarters in Portland.
The chairman's departure comes a day after CFO Henrik Noerremark resigned. Another board member, Freddy Frandsen, will also forego re-election, though the company gave no reason for his departure.

Read more at KGW.

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