Robin Banerjee, appointed CFO in March 2009, left to take up an undisclosed position and head of corporate finance Kirti Vagadia will assume his responsibilities, Suzlon said on Friday in an emailed statement. The shares fell to a one-month low.
Suzlon joins Vestas Wind Systems A/S, the worlds largest turbine maker, in losing top managers as increased competition from Chinese rivals squeezes profits and dwindling clean-energy subsidies threaten demand. Vestas CFO Henrik Norremark resigned last month after the Danish company reported a loss four times wider than analyst estimates.
Losses at Suzlon grew to R286 crore ($60 million) in the three months through December, the most in five quarters. That prompted the companys auditors to examine its ability to raise funds as it seeks to meet debt repayments this year.
Suzlons repayments may fall short by as much as $592 million out of $700 million in debt due in 12 months, Charanjit Singh, a Bangalore-based analyst at HSBC Bank, said this week. The company may face $389 million in bond redemptions this year if investors holding convertible notes choose not to swap them for shares.