Vestas says former CFO did India deals without board approval

Vestas has terminated a severance package with its former chief financial officer (CFO) Henrik Nørremark after learning that he had entered into two commercial agreements in India on behalf of the company without informing other senior management, or its board, says a statement from the wind group.

Nørremark contests the claims by his former employer and will begin legal proceedings over the issue, according to reports in the Danish newspaper Berlingske this morning. Vestas issued its statement on Tuesday evening.

The move to end the severance arrangement took effect on 6 September. The Vestas statement does not detail the India agreements or say who they were made with.

“Henrik Nørremark seems to have entered into these agreements in violation of the company's internal provisions regulating his power to bind the company as well as the company’s interests in general,” it…

Become a Recharge subscriber!

Or try our free trial.

Order Subscription

Already a member?

Login