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MarketScreener Homepage  >  Equities  >  NASDAQ OMX COPENHAGEN  >  Vestas Wind Systems A/S    VWS   DK0010268606

VESTAS WIND SYSTEMS A/S

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Vestas Wind A/S : appoints Eduardo Medina as President of North America and Javier Rodriguez Diez as President of Mediterranean

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09/14/2020 | 06:10pm EDT
News release fromVestas-American Wind Technology
Portland, 14September 2020

The wind market in the USA is entering a new phase, where demand will be driven by wind energy's cost-competitiveness, the phase out of the production tax credit (PTC), and states looking to address the climate crisis. In this changing and growing market, Vestas must execute at unprecedented levels of activity, as well as adjusting its commercial focus. To lead the transition towards these goals, Eduardo Medina, currently President of Vestas Mediterranean, has been appointed President of Vestas North America. Simultaneously, Javier Rodriguez Diez, currently Senior Vice President, Global Sales and Key Account Management, will supersede Eduardo Medina as President of Vestas Mediterranean. Eduardo Medina replaces Chris Brown, who has successfully led Vestas North America since 2012 and will leave the company to pursue his own enterprise.

'Wind energy and Vestas are entering a new phase in the USA, where we want to remain the strongest possible partner for our stakeholders. In this changing and growing market, the time is right for both new leadership in Vestas North America, and for Chris Brown to pursue his own enterprise, and I'm therefore very satisfied that our succession planning enables us to make this change. We would like to thank Chris for his huge contribution and significant results both for Vestas and the USA's renewable sector, and we wish him all the best in his future endeavours', said Henrik Andersen, President and CEO, Vestas.

Vestas' current commitments in the USA remain, and we will continue to maintain a solid footprint while working to develop sustainable energy solutions to meet the market's changing needs. TheUSA has been Vestas' largest market every year since 2013, while deliveries have grown almost 50 percent in the last five years.

Since joining as President of Vestas Mediterranean in 2018, Eduardo Medina has led the business unit to achieve significant sales growth and increased operational efficiency across a very large and diverse set of markets. Under Eduardo Medina's tenure, Vestas Mediterranean has improved its execution and sustained its overall market leadership across the region's 27 markets, including strengthening relationships with global strategic customers with a strong presence in the USA.

'During his time at Vestas, Eduardo Medina has proved his ability to adapt operations to changing market needs and grow sales while improving organisational efficiency. Combined with Eduardo's experience from working in American companies, I am confident Eduardo has the experience and capabilities to lead Vestas North America forcibly through the coming period of shifting market dynamics' said Juan Araluce, Executive Vice President & Chief Sales Officer.

To replace Eduardo Medina as President of Vestas Mediterranean, Vestas has appointed Javier Rodriguez Diez who has previously served as Senior Vice President, Head of Sales, Vestas Mediterranean. Over the past 20 years, Javier Rodriguez Diez has held various positions in Vestas Mediterranean and brings substantial knowledge of all markets and the breadth of Vestas Mediterranean's value chain, making him the natural successor to Eduardo Medina as President of Vestas Mediterranean.

'Javier Rodriguez Diez has a proven track record from Vestas within sales and execution and is among the most knowledgeable colleagues about the Vestas Mediterranean region. The heterogeneity of the Mediterranean region requires comprehensive understanding of both market conditions and execution challenges, and with Javier's background we're appointing a President that is highly competent across both areas',said Juan Araluce, Executive Vice President & Chief Sales Officer.

Eduardo Medina is expected to relocate to the USA as soon as current immigration restrictions in USA related to COVID-19 allow. Until then, Eduardo Medina will remain based in Spain.

For more information, please contact:
Anders Riis,
Head of Communications
Tel: +45 4181 3922
Mail:ANPRR@VESTAS.com

CVs

Mr Eduardo Medina Sanchez

Born: 1969
Nationality: Spanish
Position:President of Vestas North America(2020-)

Education
1994 Master of Science, Industrial Engineering at the Polytechnical University of Catalonia, Barcelona (ES)
2001 Executive MBA at Instituto de Empresa (IE), Madrid (ES)

Former positions
2018-2020 President, Vestas Mediterranean (ES)
2016-2017 Executive Vice President, Global Power Plants, SunPower Corporation (FR/US)
2005-2015 Executive Vice President, Head of Business Development, Acciona Energia (ES)
2000-2005 Various leadership positions, General Electric (NL/ES)

Mr Javier Rodriguez Diez

Born: 1974
Nationality: Spanish
Position: President, Vestas Mediterranean (2020-)

Education
1992-1999 Industrial Engineer. University E.T.S. Carlos III Madrid (ES)
2007-2008 Executive MBA at Instituto de Empresa (IE), Madrid (ES)
2008 Executive Development Program. IMD. Lausanne (Switzerland)

Former positions
2019-2020 Senior Vice President, Global Sales and Key Account Management, Vestas (DK)
2008-2019 Senior Vice President, Head of Sales, Vestas Mediterranean (ES)
2006-2008 General Manager. Vestas Spain (ES)
2001-2006 Sales Director. Vestas Spain (ES)

About Vestas

Vestas is the energy industry's global partner on sustainable energy solutions. We design, manufacture, install, and service wind turbines across the globe, and with 117 GW of wind turbines in 81 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled 104 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas' more than 25,500 employees are bringing the world sustainable energy solutions to power a bright future.

We invite you to learn more about Vestas by visiting our website atwww.vestas.comand following us on our social media channels:

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Disclaimer

Vestas Wind Systems A/S published this content on 14 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 September 2020 22:09:01 UTC


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Financials
Sales 2020 14 510 M 17 210 M 17 210 M
Net income 2020 570 M 676 M 676 M
Net cash 2020 2 350 M 2 788 M 2 788 M
P/E ratio 2020 49,0x
Yield 2020 0,70%
Capitalization 27 922 M 33 096 M 33 118 M
EV / Sales 2020 1,76x
EV / Sales 2021 1,71x
Nbr of Employees 25 865
Free-Float 99,4%
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Mean consensus HOLD
Number of Analysts 23
Average target price 124,08 €
Last Close Price 142,58 €
Spread / Highest target 25,3%
Spread / Average Target -13,0%
Spread / Lowest Target -50,6%
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NameTitle
Henrik Andersen President & Group Chief Executive Officer
Anders Erik Runevad Chief Executive Officer
Bert Åke Stefan Nordberg Chairman
Tommy Rahbek Nielsen Chief Operating Officer
Marika Fredriksson Chief Financial Officer & Executive Vice President