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Denmark

Denmark

LM CEO Schot steps down

DENMARK: LM Wind Power CEO Leo Schot has stepped down after three years in the role, citing personal reasons.

New LM Windpower CEO Marc de Jong
New LM Windpower CEO Marc de Jong

Schot is replaced by Dutch business executive Marc de Jong. Since 2013, de Jong has been Founder and CEO of InnoMarket – a Dutch business consultancy firm.

He was previously with Dutch electronics firm Philips where he was CEO of the professional lightings solutions unit.

Schot had been CEO since 2012 and will remain on the company's advisory board. Schot replaced Roland Sunden, who left the company following disappointing financial results. 

In 2011, the company's profit fell 40% and a round of job cuts was announced in North America. Sunden claimed the company's market share of the blade business was 14%, approximately half the amount it was when he took over in 2006. 

During his time as CEO, Schot sold off the company's Svendbord Brakes subsidiary. When the acquisition was announced in 2013, Schot said the LM Wind Power would "renew its focus on the wind industry".

LM Wind Power chairman John Leahy said the company's performance had improved under Schot.

Schot's last financial statement in Q1 2015 saw LM Wind Power's post revenue of €173 million, up from €124.2 million the year before.

Since 2013, de Jong has been Founder and CEO of InnoMarket – a Dutch business consultancy firm.

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