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Denmark

Denmark

Shock as managing director of LM Glasfiber is removed from post

The managing director of LM Glasfiber for the past six years, Anders D. Christensen, 57, was removed from his post by the company's owners at 13.00 hours on July 7 after 11 years with LM. He was asked to leave the premises of the Danish rotor blade manufacturer immediately. The decision by LM owners Doughty Hanson of London, one of the largest holders of venture capital funds, was as much a surprise to Christiansen as to the rest of the wind industry. The reason given: LM is to be readied for a second attempt at a stock exchange flotation in the next year or so. Christensen's sudden dismissal follows the removal of the three Danish board members in April, including chairman Anders Knutsen. The reason given: with no immediate plans for a stock exchange listing there is no need for external board members. Knutsen was replaced by Mark Florman, senior principal at Doughty Hanson. Christensen is temporarily replaced by Bob Mackenzie, who has worked in management roles at Hanson plc. LM was bought by Doughty Hanson, owned by Richard Hanson and Nigel Doughty, four years ago. After his dismissal, Christensen says he never succeeded in meeting Hanson, who simply gave orders about what should happen at LM. A failed attempt by Doughty Hanson to list LM on the Copenhagen exchange a year after its purchase was followed by a string of loss-making years as LM came under increasing competition, before a turnaround was achieved by Andersen (Windpower Monthly, April 2005). "Anders has played a significant role in bringing LM Glasfiber to its current position as a technology and market leader in wind turbine rotor blades. His vision and focused management made LM Glasfiber a global company," states Florman in the announcement of Christensen's replacement. Florman further told the Danish press the board will look for a young and international new boss for LM. For the next year, he added, Christensen will be available to LM in a consultancy role. That information also came as a surprise to Christensen, though this time a pleasant one.

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