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Germany

Germany

Senvion appoints Suzlon financial chief as CFO

GERMANY: Senvion has appointed Suzlon group head of finance Kirti Vagadia as its chief financial officer.

Vagadia replaces Marcus Wassenberg, who had been Senvion CFO since June 2012. Wassenberg resigned from the company in September to take up a role outside the wind industry.

This is the second time in three years a senior Suzlon executive has been brought in to take on a board-level Senvion role. In May 2012, Vinod Tanti, brother of Suzlon group chairman Tulsi Tanti, started a year-long stint as chief operating officer.

Vagadia's appointment comes amid mounting speculation that Suzlon is planning to float Senvion on the London Stock Exchange in a bid to raise as much as $600 million.

Speaking about the appointment, Senvion CEO Andreas Nauen said: "We are looking forward to intensifying our collaboration with Kirti Vagadia.

"In his role as a member of the supervisory board, he was an important business partner for us with his great commitment and profound knowledge. We will benefit considerably from being able to use his knowledge in all relevant financial topics even more directly."

Additionally, Senvion chief strategy officer Alex De Ryck is to leave the company on 15 December "in accordance with his contract".

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