Calvet will be replaced as executive chairman by Ignacio Martín, who joins from CIE Automotive where he was executive vice president.
The departure of Calvet, who took the helm in November 2009, comes at a difficult time for the company. Recently, it was forced to move its offshore turbine research project to Spain from the US and has been cutting jobs in its Spanish home market.
In May, Gamesa was hit by a €21 million first quarter profit fall, the result of falling prices and costs related to new product development.
Calvet's departure has also been attributed to a substantial fall in value for the company since he took over.
Martín said: "I am taking over at a company that successfully managed a buoyant economic period. Now that the expansion stage is behind us, it is time to focus and place more emphasis on competitiveness and profitability.
"We have the tools we need to come out of this process a stronger company: know-how, technological skill and an excellent team."