Germany

Germany

Senvion's Sharma steps down

Senvion chief financial officer Manav Sharma has resigned from the company, following a period as interim-CEO through much of 2018.

Senvion CFO Manav Sharma has stepped down
Senvion CFO Manav Sharma has stepped down

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Sharma held the role of CFO since July 2015, after being promoted from executive vice president for finance after the manufacturer was sold by parent company Suzlon to Centerbridge Partners in the first quarter of that year. 

In May 2018, following the departure of CEO Jürgen Geissinger, Sharma stepped in to become interim-CEO, running the German manufacturer alongside chief sales officer David Hardy, while a new CEO was found. 

When appointed as interim-CEO, Sharma was given the option to resign from the firm within the first month of a new CEO being appointed. 

Senvion appointed former Alstom Power executive Yves Rannou as Geissinger's permanent replacement in September. He took up the position at the start of 2019.

Instead of returning to the role of CFO, Sharma exercised this option and decided to pursue "new professional challenges outside Senvion". 

The German manufacturer announced turbine order intake of €1.52bn for 2018, down from the €1.78 billion it received in 2017.

However, this was largely down to a single one-off €306 million order in Q2 2017 for the 203MW Trianel Windpark Borkum II offshore wind project in the German North Sea.

Excluding offshore, Senvion’s onshore order income grew 3% year-on-year in terms of value, and by 30% by capacity.

"We would like to thank Manav for his excellent work for Senvion as both CFO and Interim-CEO. We wish him all the best for the next chapter of his career," said Steven Holliday, chairman of Senvion's supervisory board.

The manufacturer has immediately appointed former Xella International CFO Hans-Jürgen Wiecha as its new CFO. Xella specialises in building and insulation materials. 

Wiecha has held CFO roles at steel group Schmolz+Bickenbach and pharmaeceutical firm Gerresheimer in his career. He starts at Senvion from 1 February. 

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