25 May '12, 4pm

Gamesa Ousts Chief Executive

Gamesa Ousts Chief Executive

He will be replaced by Ignacio Martin, the former boss of Spanish car maker Cie Automotive. Reports suggest that a campaign to get rid of Calvet was driven by Spanish renewable energy giant Iberdrola, which owns 19.6 percent of Gamesa and has two seats on its board, which unanimously voted to fire Calvet. Calvet, who has an investment banking background, became chief executive in 2009, just as a glut in turbine manufacturing started to hit the established players in the market, most notably Danish company, Vestas, which suffered massive losses, issued two profit warning and subsequently replaced key board members. In March this year Gamesa reported its first quarterly loss for 10 years and in the last 12 months its shares have plunged 75 percent. After news of Calvet’s departure broke, Gamesa’s stock price rose 2.9 per cent in Madrid yesterday. Martin said in a statement: ...

Full article: http://www.renewableenergyworld.com/rea/news/article/2012...

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