in News Departments > FYI
print the content item

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.



Trachte Inc._id1770
Latest Top Stories

Quebec Government Postpones Wind Power RFP; No New Date Scheduled

The request for proposals (RFP) is part of an overall 800 MW wind power tranche that will serve as a bridge to the next phase in the province's energy future.


Setting The Record Straight: How Many Birds Do Wind Turbines Really Kill?

Several peer-reviewed studies are more or less in agreement with avian mortality rates caused by wind turbines. However, one study, which is wildly off from the others, is most often cited in the media. Why?


Six Takeaways From The IRS' Start Of Construction Guidance: What You Need To Know

The IRS recently issued guidance to wind developers to further spell out what "start of construction" means. Will you be covered?


Eagle Take Permits For Wind Farms - Will They Fly?

Now that the U.S. Fish and Wildlife Service has issued the first permit allowing the legal take of eagles, can wind developers expect more certainty in the agency's application process?


Despite 2013 Challenges, U.S. Wind Power Reaches All-Time Low Price

In a new report, the U.S. Department of Energy details the highs and lows of the country's wind industry last year, and the agency maintains that the U.S. sector remains strong.

Renewable NRG_id1934
Canwea_id1984
UnitedEquip_id1995
Tower Conference_id1965