CFO, chairman exit Vestas after earnings miss

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Lousy 2011 results led to a boardroom shakeup at Vestas.

Vestas posted a worse-than-expected loss of $220.3 million for 2011 prompting the resignation of both the company's chief financial officer and its chairman as the world's biggest wind turbine maker continues to show signs of distress.

Vestas CEO Ditlev Engel said Wednesday he will stay on board to help get the company back on track.

Vestas, which keeps its North American headquarters in Portland, announced in January that it would cut 2,335 jobs as part of a global corporate restructuring, including 182 in North America, which could include its Portland sales and service division.

Reports Tuesday in publications including Recharge said Henrik Nørremark, who was serving as CFO and deputy CEO for Vestas, resigned after the dismal 2011 results were announced to the board.

CBS news reported that Vestas Chairman Bent Erik Carlsen said Wednesday 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.

Engel told the Dow Jones that Vestas will face a new set of challenges in 2012, as output must be ramped up to work off a record-high order pipeline.

Vestas shares, which trade in Copenhagen, have fallen almost 65 percent over the last year and were down 11 percent Wednesday morning.

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