North American Windpower: Vestas Terminates Contract With Former CFO Following Investigation

Vestas Terminates Contract With Former CFO Following Investigation

by NAW Staff on Wednesday 03 October 2012

Vestas has confirmed that its board of directors has terminated the company's severance agreement with its former chief financial officer (CFO), Henrik Norremark.

According to Vestas, Norremark entered into two agreements in India on behalf of the company - neither of which Vestas' CEO or board of directors knew about at the time.

"The investigations we have carried out so far show that both the previous and current board and the CEO have been kept unaware of these transactions,” says Bert Nordberg, chairman of the board.

The company says that those agreements violated the company’s interests and caused Vestas a loss ranging from 4 million euros to 18 million euros.

The company says it has made provisions to cover any potential losses as mentioned above. The decision to terminate the severance agreement with Norremark was made after the board’s nomination and compensation committee had conducted a thorough audit and legal investigation that brought these dispositions to light, Vestas notes.

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