After more than two decades at Vestas, Hans Martin Smith has announced his decision to step down as Chief Financial Officer (CFO) by the end of 2024. Smith, who has served as CFO since March 2022, played a pivotal role during a turbulent period for the company and the wind energy sector at large, helping transform a significant financial loss in 2022 into profitability in 2023 and continuing that positive momentum through 2024.
Vestas President and CEO Henrik Andersen expressed his gratitude for Smith’s contributions, saying, “I want to thank Hans on behalf of everyone at Vestas for his incredible contribution over the last two decades. I’ve enjoyed working closely with Hans, but I understand his decision to try something different after 20 years in Vestas, including three tough years as CFO through an extraordinarily volatile and demanding period for the industry and the company.”
Reflecting on his tenure, Smith commented, “It’s been a privilege to be part of this amazing company for so long and serve as CFO through three challenging years for Vestas and the industry. This decision has been extremely difficult to make, but with the continued improvement in Vestas’ profitability and having spent most of my career in the company, I feel the end of 2024 is the right time for me to explore what life outside Vestas could look like.”
Vestas has initiated the search for Smith’s successor and will announce the appointment in due course. Until then, Rasmus Gram, Senior Vice President and Head of Group Financial Performance, will assume CFO responsibilities.
Smith’s departure marks the end of an era at Vestas, with his leadership leaving a lasting impact on the company’s financial resilience and strategic direction.