Nordex Appoints New CEO After ‘Disappointing’ Market Forecast


The supervisory board of German wind turbine manufacturer Nordex has appointed Jose Luis Blanco to succeed Lars Bondo Krogsgaard as CEO of the company.

Nordex says it presented record sales and profits in 2016 and increased its market share significantly; however, the company “disappointed the market” with the recent publication of its 2017/18 forecast, and this had a substantial negative share price effect, the company says.

“Nordex is fundamentally stronger than ever, but our credibility has suffered as a consequence of the outlook, and this follows a period where our handling of communication matters has been criticized,” states Krogsgaard. “This is ultimately my responsibility, and I have, therefore, proposed to the supervisory board that I am released from my contract on mutually acceptable terms in the company’s best interest.”

The supervisory board accepted and agreed to Krogsgaard’s proposal, and he will leave the company on March 31. Blanco will then lead Nordex with management board members Christoph Burkhard, chief financial officer, and Patxi Landa, chief sales officer.

Since the April 2016 merger of Nordex and Acciona Windpower, Blanco has been the deputy CEO and chief operating officer. Previously, he was CEO of Acciona Windpower for more than four years. According to Nordex, he led the turnaround of Acciona Windpower to a profitable business in 2015.

Before joining Acciona Windpower, Blanco spent 15 years at Gamesa, where he held senior management positions at various divisions. He has more than 20 years of experience in the wind turbine industry, notes Nordex.

“During Lars’ tenure, our company has more than tripled in size at steadily improving margins, and we have become a truly global player,” comments Wolfgang Ziebart, chairman of the supervisory board of Nordex. “This would not have happened without Lars’ vision and energy. I regret Lars’ departure, but the full supervisory board respects his decision to do what is considered to be in the best interest of the company. We thank him for his work and commitment over the last six-and-a-half years and wish him all the best for the future. In appointing Jose Luis Blanco as CEO, we ensure the continuity of the company’s performance. He has a vast experience as a long-standing manager in the wind industry; we are very glad that Jose Luis Blanco accepted the appointment.”

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