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Blanco is new Nordex boss as Bondo Krogsgaard quits

Lars Bondo Krogsgaard has quit as chief executive of German wind OEM Nordex over the company’s recent sales forecasts that sent its share price plunging and been replaced by his deputy, former Acciona Windpower boss José Luis Blanco.

Bondo Krogsgaard, CEO since mid-2015, said he was leaving after the 2017/18 update that put Nordex’s shares into a tailspin, despite the company’s strong 2016 sales and profits figures.

The company on 24 February said said revenues are likely to dip in 2017 amid lower sales expectations in some core markets, sending its share price down by almost a fifth.

Nordex tumbles as it warns of revenues dip in 2017

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Bondo Krogsgaard said: “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 criticised.

“This is, ultimately, my responsibility, and I have therefore proposed to the Supervisory Board that I am released from my contract on mutually acceptable terms in the company’s best interest.”

New chief executive Blanco previously held the same role at Acciona Windpower, the Spanish OEM that Nordex acquired last year.

Wolfgang Ziebart, chairman of the Nordex supervisory board said: “During Lars’ tenure our company has more than tripled in size at steadily improving margins, and we have become a truly global player.

“This would not have happened without Lars’ vision and energy. I regret Lars’ departure, but the full Supervisory Board respects his decision to do what is considered to be in the best interest of the company.”

Ziebart said Blanco has “a vast experience as a longstanding manager in the wind industry”.

Before Acciona Windpower the new Nordex boss also had 15 years of experience at Gamesa.