The Supervisory Board of Senvion SE, a wholly owned subsidiary of the Suzlon Group, the world’s fifth-largest manufacturer of wind turbines, has appointed Kirti Vagadia as the company’s new Chief Financial Officer. The appointment is effective as of 1st December 2014.
Tulsi R. Tanti, Chairman of the Suzlon Group and of the Senvion Supervisory Board said: “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. We thank Kirti Vagadia for everything he has done for the Group so far and wish him much success in his new position.”
Before his appointment, Kirti 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 20th October 2014.
Andreas Nauen, CEO of Senvion SE, said: “We are looking forward to intensifying our collaboration with Kirti Vagadia. 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.”
The 49-year-old Kirti Vagadia has a master’s degree in commerce from the University of Gujarat, India. He also is a fellow member of the Institute of Chartered Accountants of India. Mr. Vagadia has a total of 25 years of experience in Finance and has been associated with Suzlon Group since its inception in 1995 and has been responsible for raising funds for the company and Group across markets. He was also instrumental in Capital Market transactions of the Group, which included Private Equity transactions in the Group, IPO of Suzlon Energy Limited, Hansen Transmissions, issuance and placement of FCCB, QIP. At Senvion, he will be responsible for Finance, Compliance, Legal, IT, Support Functions and Internal Audit and Risk Management.
In accordance with his contract, Alex De Ryck, Chief Strategy Officer (CSO) of Senvion SE, will leave the company on 15 December 2014.
Press release; Image: Senvion