New CEO at Nordex after hurtful 2017/18 outlook

2.4-MW Nordex turbines. Source: Nordex SE

Jose Luis Blanco, the former CEO of Acciona Windpower, will get at the helm of German wind turbine maker Nordex (ETR:NDX1).

Current CEO Lars Bondo Krogsgaard has asked the supervisory board to end his contract on mutually acceptable terms after the company’s 2017/18 forecast hurt its share price.

“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,” Krogsgaard said. He will leave the company with effect from March 31.

The German company’s consolidated net profit for 2016 was up 82.4% to EUR 95.4 million (USD 103m), with revenue and margins slightly exceeding the forecast. However, Nordex's shares took a hit in February, when it said that revenue in 2017 will be lower because of project postponements in core markets, as well as a delayed entry into the Indian market.

Nordex acquired Spanish wind turbine manufacturer Acciona Windpower in April 2016. Since then, Jose Luis Blanco has served as deputy CEO and COO. Before Acciona, he has spent 15 years at Gamesa (BME:GAM) in different senior management roles.

Blanco will lead Nordex together with Christoph Burkhard as CFO and Patxi Landa as CSO.

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