After losing CFO in India less than a month ago, the Suzlon Group has lost yet another CFO. Derrick Noe, CFO of REpower, has resigned from the executive board of directors of REpower Systems SE ?due to different views on the company?s future business strategy?. Noe’s term on the REpower board would have expired in March 2013. This has come at a time when Suzlon is grappling with debt pile-up and mounting repayment pressures.
Hamburg-based REpower Systems had last month received finance of 750 million euros from a consortium of banks headed by BayernLB, Commerzbank Aktiengesellschaft and Deutsche Bank AG. The loan has a term of 2.5 years. In total, 13 German and international banks and credit insurance companies are participating in this loan. The then REpower?s CFO Noe had said this deal was important for the company. ?The confidence that our banks and credit insurance companies are showing in our strategy is an important sign for all our stakeholders. Increasing our credit lines by 25% has put us in a good position to continue the profitable growth course seen in past years. Actually, we are growing faster than our competitors and are gaining significant market shares. We expect a double-digit growth for both, sales and earnings, for the current as well as for the next fiscal year,? he had said at the time of signing this funding deals.
But now the company and Noe have developed differences over the strategy for the future. Suzlon Group has a policy of not commenting on rumour or speculation, REpower release said.
Noe had joined REpower as CFO in February 2010. His financial background includes M&A, equity offering, post-merger acquisition and IPO, as well as investor relations, experience. He is a US national with 25 years of professional experience in Germany. He has over 20 years? experience as a CFO for listed companies, as well as financial adviser and turnaround manager for several international firms. No replacement has been announced yet at REpower.