Wind turbine maker Suzlon has moved its group finance head Kirti Vagadia as chief financial officer (CFO) of its wholly-owned German subsidiary Senvion SE (formerly REpower Systems).
Before this, Vagadia was group head finance of the Suzlon Group and a member of the supervisory board of Senvion SE. He already stepped down from all his posts on October 20, 2014.
In this new role as CFO at Senvion, he will be responsible for finance, compliance, legal, IT, support functions and internal audit and risk management.
Vagadia has over two-and-a-half decades of experience in finance. He has been associated with Suzlon since its inception in 1995 and has been responsible for raising funds for the company and group.
He was also instrumental in capital market transactions of the group, which included PE fundraise, IPO of Suzlon Energy, etc.
“By appointing Kirti Vagadia, the supervisory board is strengthening the company significantly, because he has over 20 years’ experience in the wind energy industry and the management skills and background required to successfully oversee financial measures for the benefit of Senvion. The Suzlon Group is committed to Senvion and, by taking this step, is happy to be helping to guide the company’s profitable and sustainable growth," said Tulsi R Tanti, chairman of the Suzlon Group.
“In his role as a member of the supervisory board, he was an important business partner for us with his great commitment and profound knowledge. We will benefit considerably from being able to use his knowledge in all relevant financial topics even more directly," said Andreas Nauen, CEO of Senvion SE.
Before joining Suzlon, he worked with Gujarat Steel Tubes Ltd and Gujarat Intrux Ltd.
Meanwhile, the company has also announced that Alex De Ryck, chief strategy officer (CSO) of Senvion SE, will leave the company on December 15, 2014.
Senvion SE, a Suzlon group company, is one of the leading international manufacturers of onshore and offshore wind turbines. The company is developing, constructing and distributing wind turbines with power ratings of its turbines ranging from 1.8 MW up to 6.15 MW.
The firm employs over 3,300 employees globally and has constructed and installed over 5,200 wind turbines.
Suzlon had completed the acquisition of Senvion three years ago by executing the ‘squeeze-out’ of its minority shareholders.
(Edited by Joby Puthuparampil Johnson)