Senvion picks chief restructuring officer

Senvion's 3.4M104 turbine. Source: Senvion SE 2014. License: All rights reserved.

March 20 (Renewables Now) - Senvion SA (ETR:SEN), the German wind turbine maker that recently commenced a full transformation programme, has appointed Neil Robson as Chief Restructuring Officer (CRO).

With close to 30 years of experience in operational and financial restructuring, Robson is a partner at restructuring advisory firm THM Partner LLP. He is now part of the management board of Senvion and will be tasked with participating in the financing discussions aimed at successfully implementing the transformation programme initiated in January 2019.

“We have a clear roadmap to stabilize and strengthen the company in the medium-term, and Neil, in the position of CRO, will drive Senvion's ongoing financing discussions with key stakeholders,” commented Senvion CEO Yves Rannou.

Last month, Senvion said it was rolling out the programme through which it seeks to stabilise the company following a review of its global business, the challenging market conditions and its operational performance. At the time, CEO Rannou admitted that the management team had made operational mistakes.

The announcement came after Senvion revised down its revenue and earnings guidance for 2018 due to some installation delays.

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