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Denmark

Denmark

Engel 'confident' after Nordberg meeting

DENMARK: Vestas chief executive Ditlev Engel yesterday claimed he has met with the company's nominated new chairman Bert Nordberg and is confident he will hold on to his role at the helm of the struggling company.

Engel... feeling confident after Nordberg meeting
Engel... feeling confident after Nordberg meeting

Sony Ericsson president Nordberg was nominated for the Vestas chairmanship last month and is expected to be confirmed as the replacement for outgoing chairman Bent Carlsen at the company’s AGM on 29 March.

Many in the industry have predicted that Engel would be dismissed from his once Nordberg – a restructuring specialist - is in place, following a poor financial performance that has led to profit warnings, the dismissal of senior executives and a further restructuring for the company.

However, Engel on Sunday told the Financial Times that he had met with Nordberg and was "not worried" about keeping his job this year.

"I am currently the chief executive officer, the chief operating officer and the chief financial officer, and I am not going anywhere," he said.

"The board is very determined that the new strategy is being implemented as fast as possible, as it is the right thing for the company and they have asked me to ensure that this happens."

Last month Vestas dismissed its offshore chief Hans Jorn Rieks and accepted the resignation of its chief financial officer Henrik Norremark as it announced disappointing financial results. It missed its revenue target for 2011 by 16% and posted an operating loss of €60 million.

The 2011 revenue figure of €5.8 billion fell below Vestas' own preliminary financial figures in January, when it announced restructuring plans including the loss of 2,335 jobs. These form part of a cost-reduction strategy that Engel says he is determined to see through.

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