Vestas shares drop after CFO departure

Vestas experienced a significant drop in stock value, over ten percent, following an announcement about their CFO Hans Martin Smith’s imminent departure. The Danish wind turbine company’s shares fell by 10.9 percent by the close of trading. Jacob Pedersen from Sydbank believes the market reaction may stem more from the uncertainty triggered by the resignation rather than Smith himself. Investors may be concerned about potential financial issues a new CFO might uncover. Vestas has faced earnings challenges recently, as many orders were made when interest rates were lower and before inflation affected material costs. Smith, who has been with Vestas for over 20 years and CFO since March 2022, stated that his decision to leave was difficult but feels it’s time to explore life beyond Vestas. Rasmus Gram, director of Group Financial Performance, will oversee the company’s finances while the search for a new CFO is underway.