Vestas Wind Systems A/S (OMX: VWS) said that its Board of Directors was given a thorough briefing on the conditions leading to profit warnings within the last few months. The company said that as a consequence of this CFO and Deputy CEO Henrik Nørremark resigns.
Vestas cut its earnings forecast two times in 2011. This has led to current management enjoying very little investor trust. The wind turbine maker is due to release its annual report and detailed 2012 guidance this morning and the markets certainly did not like CFO resigning one day ahead of the release. The stock shed nearly 3% and has now forfeited most of last week’s gains.
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