COPENHAGEN, Denmark -- The chairman of Vestas Wind Systems A/S, the world's biggest maker of wind turbines in terms of revenue, will step down after the company said Wednesday that its 2011 profits were substantially below target.
Bent Erik Carlsen said in a live television interview that investors wanted change, forcing him and Deputy Chairman Torsten Erik Rasmussen to decline a re-election bid at next month's shareholder meeting.
The pair have been criticized for poor financials and a loss of market share to Chinese competitors. Last month, the company announced it would lay off 2,335 people.
CFO Henrik Noerremark resigned Tuesday after the company twice slashed its 2012 forecasts. In a statement, the company said another board member, Freddy Frandsen, would also forego re-election, though no reason was given for his departure.(Read more...)