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Germany

Germany

Nordex CFO to step down at end of 2016

GERMANY: Bernard Schaferbarthold, chief financial officer at Nordex, will leave the company at the end of this year, when his contract expires.

Nordex will announce a replacement for Schaferbarthold in due course
Nordex will announce a replacement for Schaferbarthold in due course

Schaferbarthold will be in post as it navigates its merger with Acciona Windpower, set to be completed by March 2016. The supervisory board will start the recruitment process soon to find a replacement, said Nordex.

The 45-year-old CFO has been at Nordex since 2005 and was appointed CFO in 2007. His decision to leave the company is for family reasons, Nordex said. He will take up the role as CFO at automotive parts supplier Hella, allowing him to be closer to his family.

Wolfgang Ziebart, chairman of Nordex's supervisory board, thanked Schaferbarthold for his "valuable contributions" to the company.

In its most recent earnings report in November, Nordex reported earnings of €97.6 million for the first nine months of 2015 – a 63% rise year-on-year.

Schaferbarthold is the second executive to leave the company in eight months, after CEO Jurgen Zeschky departed after four years in the role. He was replaced by chief customer officer Lars Bondo Krogsgaard.

In October, Nordex agreed with the Acciona Group to acquire its wind power business in a €785 million deal. The Acciona Group, in return, will become Nordex's reference shareholder with a 29.9% stake.

Acciona will hold two of the four chairs on the managing board and two of the six seats on the supervisory board. Krogsgaard will remain as CEO, and Acciona Wind Power CEO Jose Luis Blanco will become deputy CEO and COO following the merger.

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