Germany

Germany

Repower CFO Noe resigns

GERMANY: Repower's chief financial officer (CFO) Derrick Noe has quit the turbine manufacturer over concerns about the company's future.

Leaving Repower... CFO Derrick Noe
Leaving Repower... CFO Derrick Noe
A statement on Repower's website said Noe had resigned from Repower's executive board of directors "by way of an amicable mutual agreement due to different views on the company's future business strategy".

Noe's resignation comes amid reports that parent company Suzlon is planning to sell Repower to Alstom for €1.5 billion and also follows the sacking of Suzlon's own CFO Robin Banerjee in March.

India's Suzlon took a controlling stake in Repower for $1.6 billion in 2007, and late last year Suzlon acquired total control of the German firm after raising its stake in Repower to over 95% in April 2011.

Noe joined Repower as CFO in December 2009, when Suzlon already had a controlling stake in the firm.

 

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