Senvion CEO steps down

GERMANY: Senvion's chief executive officer Jürgen Geissinger has stepped down from the role, the manufacturer announced.

Jürgen Geißinger (above) joined Senvion as CEO in December 2015

Chief financial officer Kumar Manav Sharma has been appointed acting CEO with immediate affect while the manufacturer finds a permanent replacement.

David Hardy, Senvion’s chief sales officer, meanwhile, will also serve as executive director during the interim period.

The company hopes to find a replacement in the next month.

Steven Holliday, Senvion’s chairman, said: "During his time as chief executive, [Geissinger] has been instrumental in taking the business through the first phase of our international growth plans, against the backdrop of a challenging industry environment.

"The board and Jürgen Geissinger agree that Senvion will benefit from the platform we have built to drive the company’s future success," Holliday added. 

Geissinger joined Senvion as CEO in December 2015 shortly after the company was taken over by US equity fund Centerbridge Partners.

During his tenure, the manufacturer entered several new markets (Croatia, Chile, Norway, Ireland, Serbia, Italian offshore, Argentina), re-entered India, and teased a 10MW platform.

Senvion also launched new turbines in its 3MW class and expanded its technology to produce a 4.2MW model.

In the last two years, it has maintained a place in the top-ten manufacturers in the world, based on annual installations, global cumulative capacity and number of markets in which they are active.

Geissinger expressed desire for new challenges following the completion of the company’s restructuring, global expansion, and successful initial public offering (IPO).

He had previously served as CEO for Schaeffler, a technology conglomerate specialising in bearing solutions and precision components for automotive, aerospace and industrial uses.