Runevad Says Goodbye to Vestas

Anders Runevad ex ceo

writer icon Tormod Birch     Vestas   |   Business     🕐 10. May. 2019

Anders Runevad handed in his resignation after six years as CEO of Vestas. On the 1st of August 2019, he is set to vacate his position as CEO, Vestas informed in a stock exchange announcement. Two days later, Runevad started selling off his shares in the company.

Vestas Wind Systems A/S, commonly known as Vestas, is a Danish manufacturer of wind turbines for the purpose of generating wind power. A market leader within green energy, it has installed more wind power worldwide than any other manufacturer.

Staying in the company
Runevad will not be saying goodbye to Vestas for good as he is set to continue as Chairman of the Board at MHI Vestas Offshore Wind, which is partly owned by Japanese owned Mitsubishi Heavy Industries, and Vestas as well.

Runevad will also continue on as advisor to Vestas' chairman Bert Nordberg, and upcoming chief executive, Henrik Andersen. Andersen is currently a board member of Vestas, as well as CEO of Hempel. And it looks as if Runevad will stay in this supportive role until mid-2020.

Selling shares
On Thursday 9th of May, two days after his resignation, Runevad sold a total of 11 087 shares totalling around DKK 6.4 million, a report to the Danish Financial Supervisory Authority shows.

While Runevad's motives for selling his shares are not known, a qualified guess could be that Runevad does not believe that his successor will be as good at his job as he was: during Runevad's 'reign' as CEO, the value of Vestas shares increased six-fold.

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