Senvion's CEO steps down

German wind turbine manufacturer Senvion SA (ETR:SEN) today said its chief executive Juergen Geissinger is stepping down, without elaborating on the reasons for the move.

A search for a successor is well underway, according to the statement. Chief financial officer Kumar Manav Sharma will act as CEO until a successor is found.

Geissinger has been at the helm of the company for more than two years, steering it during a challenging period for the industry. Senvion credited him with transitioning the business "into a global company with a robust product portfolio and strong cost discipline."

The CEO change comes as Senvion embarks on the next stage of growth and international expansion, the turbine manufacturer said. According to Geissinger the company's "strong current order book and consistent pipeline growth is a reflection of a proven strategy."

Last week Senvion reported its strongest first-quarter order intake since its initial public offering (IPO) and said it expects further growth this year, possibly even in 2019 and 2020.

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