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Tuesday, 16 January 2018, 16:41 HKT/SGT
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Source: Mitsubishi Heavy Industries, Ltd.
New CEO and Co-CEO to Lead MHI Vestas Offshore Wind's Expansion

TOKYO, Jan 16, 2018 - (JCN Newswire) - Mitsubishi Heavy Industries (MHI) and Vestas Wind Systems (Vestas) are pleased to appoint Philippe Kavafyan to Chief Executive Officer (CEO) and Lars Bondo Krogsgaard to Co-Chief Executive Officer (Co-CEO) of MHI Vestas Offshore Wind. The appointments will take effect on 1 April, 2018, and are made in accordance with the joint venture agreement's principle of changing its leadership every four years.

Under the leadership of out-going CEO Jens Tommerup and Co-CEO Tetsushi Mizuno, MHI Vestas Offshore Wind has established itself as a leading player in offshore, with orders from the UK, Germany, Denmark, Belgium and the Netherlands. With the outlook for offshore wind energy looking positive through the opening of new markets and further reductions in the cost of energy, MHI Vestas Offshore is now increasing its strategic focus on expanding into new markets and further consolidating its position in core markets. Accordingly, as joint venture shareholders, MHI and Vestas sought new leaders, outside of either parent company, with extensive wind experience and knowledge from and familiarity with diverse markets. The joint venture shareholders have found strong profiles in Philippe Kavafyan and Lars Bondo Krogsgaard.

Philippe Kavafyan has more than 25 years of experience in the broader energy and technology industries and 12 years in the wind sector, including roles in business development, technical, asset and risk management in Electricite de France, GE and Areva. During the past six years in offshore wind energy, Philippe has successfully worked with offshore wind tenders in France, the first commercial projects in Germany and held the position as Chair of the Board of Adwen Offshore.

Lars Bondo Krogsgaard also has extensive wind management experience with DONG Energy (now Orsted) and Siemens Wind Power. In 2010, he joined Nordex as Chief Sales Officer and was promoted to CEO, growing the company profitably while expanding its global reach.

The appointment of a new CEO is in accordance with the terms of the original Joint Venture Agreement (JVA) between MHI and Vestas, which stipulates that after four years there shall be a change in the Joint Venture's Board of Management and Board of Directors. The terms set out in the JVA mean that MHI now appoints the CEO and Vestas appoints the Co-CEO. Additionally, the terms now cede the leadership of the Board of Directors to Vestas.

Vestas has appointed its President and CEO, Anders Runevad, as Chair of the Board, while MHI has appointed its Executive Vice President and Chief Technology Officer and current Chair of MHI Vestas Offshore, Michisuke Nayama, as the Deputy Chair of the Board as of 1 April.

"Both Philippe Kavafyan and Lars Bondo Krogsgaard possess deep knowledge of the industry and major markets, and MHI and Vestas strongly believe that their combined expertise and leadership within the wind industry is precisely what the joint venture requires to be successful in the future", said Anders Runevad, incoming Chair of MHI Vestas Offshore Wind's Board.

After four years leading MHI Vestas Offshore Wind, current CEO Jens Tommerup and Co-CEO Tetsushi Mizuno have decided to leave the organisation.

"On behalf of the shareholders, MHI and Vestas would like to thank both Jens Tommerup and Tetsushi Mizuno for their hard work and dedication in starting up MHI Vestas Offshore Wind and introducing a new turbine that earned the market's confidence", said outgoing Chair Michisuke Nayama. "They leave behind a company that is a strong player in the offshore wind market, with a robust brand and a solid order book".


About Mitsubishi Heavy Industries, Ltd.

Mitsubishi Heavy Industries (MHI) Group is one of the world's leading industrial firms. For more than 130 years, we have channeled big thinking into solutions that move the world forward - advancing the lives of everyone who shares our planet. We deliver innovative and integrated solutions across a wide range of industries, covering land, sea, sky and even space. MHI Group employs 80,000 people across 400 locations, operating in three business domains: "Power Systems," "Industry & Infrastructure," "Aircraft, Defense & Space." We have a consolidated revenue of around 40 billion U.S. Dollars. We aim to contribute to environmental sustainability while achieving global growth, using our leading-edge technologies. By bringing people and ideas together as one, we continue to pave the way to a future of shared success.

For more information, please visit MHI's website: https://www.mhi.com
For Technology, Trends and Tangents, visit MHI's new online media SPECTRA: https://spectra.mhi.com

Contact:
Joseph Hood, PR Manager
Mitsubishi Heavy Industries, Ltd.
Email: mhi-pr@mhi.co.jp
Tel: +81-(0)3-6716-2168
Fax: +81-(0)3-6716-5860


Jan 16, 2018 16:41 HKT/SGT
Source: Mitsubishi Heavy Industries, Ltd.

Topic: Press release summary
Sectors: Energy
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