Danish wind turbine manufacturer Vestas’ finance chief Fredriksson to stand down

Marika Fredriksson to quit as Vestas’ CFO after nine years in the role but will remain as executive vice president

Marika Fredriksson joined Vestas in May 2013 and was responsible for the company’s finances during the company’s turnaround programme

Vestas’ chief financial officer Marika Fredriksson will stand down by 1 March 2022.

She will be replaced by Hans Martin Smith, current CFO of Vestas northern and central Europe, the company announced as it published its Q3 financial results.

Fredriksson joined the Danish turbine manufacturer in May 2013 and was responsible for Vestas’ finances during the company’s turnaround programme.

Amid a slump, the company slashed costs and cut thousands of jobs, before declaring the end of its recovery period after publishing its full-year results for 2013.

Vestas CEO Henrik Andersen said: “Marika Fredriksson has had a tremendous impact on both Vestas and the wind energy industry as a whole, and has been instrumental to creating Vestas’ strong financial foundation and market-leading position.”

Her successor, Hans Martin Smith, joined the company in 2004 and became CFO of Vestas’ northern and central Europe unit in 2018.

During his time at the company, he has helped Vestas strengthen its position in core markets across central and eastern Europe, Scandinavia and Sub-Saharan Africa, and helped with the integration of its offshore activities following the acquisition of MHI Vestas Offshore Wind, the manufacturer stated.

Fredriksson said she would now focus on her board position – executive vice president – with Vestas.

Vestas plans to announce a successor for Smith as CFO of its northern and central Europe unit soon.