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Wind turbine manufacturer Vestas warns on profits, chairman resigns

The chairman of Vestas Wind Systems A/S http://www.vestas.com/ , the world’s biggest maker of wind turbines in terms of revenue, will step down after the company said Wednesday that its 2011 profits were substantially below target.

Bent Erik Carlsen said in a live television interview that investors wanted change, forcing him and Deputy Chairman Torsten Erik Rasmussen to decline a re-election bid at next month’s shareholder meeting.

The pair have been criticized for poor financials and a loss of market share to Chinese competitors. Last month, the company announced it would lay off 2,335 people.

Full Story: http://www.denverpost.com/search/ci_19917916

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