Second Suzlon CFO resigns amid debt issues
Derrick Noe has become the second senior executive to leave Suzlon Energy Ltd. India’s biggest wind turbine maker, after resigning his position as chief financial officer (CFO) of the company’s German unit, Repower SE. Suzlon Group’s CFO Robin Banerjee quit last month to be replaced by Kirti Vagadia, the head of corporate finance.
According to Bloomberg, Noe resigned from Repower’s executive board of directors on April 19 “due to different views on the company’s future business strategy,” the company said in a statement yesterday.
Suzlon, struggling to meet debt repayments, is reportedly studying options for Hamburg-based Repower including a sale or a stake listing.
Wind turbine makers face narrowing margins after reducing prices to compete for orders as US and European governments cut clean-energy incentives to curb budget deficits. Losses at Suzlon grew to 2.86 billion rupees (USD54 million) in the three months through December, the most in five quarters, said Bloomberg.