COPENHAGEN, Denmark (AP) -- Denmark's troubled wind turbine producer Vestas has appointed Anders Runevad as its new CEO as the company looks to deal with mounting losses.
Runevad, who comes from the Swedish telecommunication company Ericsson, will take over on Sept. 1. He will replace Ditlev Engel, who has led the world's largest manufacturer of wind turbines for the past eight years.
Vestas posted a loss of 963 million euros ($1.29 billion) last year. The Aarhus, Denmark-headquartered company continues to struggle this year and has announced additional staff layoffs and plans to sell factories.
Board chairman Bert Nordberg said Wednesday that the company was "entering a new phase" and now was "the appropriate time" to make the management change as the company completes a two-year cost-cutting plan.