Company Announcement:

Marika Fredriksson to step down as Vestas’ CFO and be replaced by Hans Martin Smith, currently CFO of Vestas Northern & Central Europe

Vestas Wind Systems A/S, Aarhus, 03 November 2021
Company announcement no. 17/2021

After almost nine years as Chief Financial Officer (CFO) of Vestas, Marika Fredriksson has decided to hand over the financial reigns to Hans Martin Smith, currently CFO Vestas Northern & Central Europe (NCE), by 1 March 2022. Having joined in May 2013, Marika has played an integral role in making Vestas the global leader in wind energy. Most prominently, Marika led Vestas’ Finance function during the company’s turnaround, which was followed by significant growth from a EUR 6bn company to well beyond EUR 15bn and recognised as the financially strongest wind energy company. As a testament to Marika’s contribution to Vestas and the development of the global wind energy industry, Marika was named CFO of the Year in Denmark in 2015 and among the most influential women in the wind energy industry on several occasions.

Henrik Andersen, Group President and Chief Executive Officer, says “Marika Fredriksson has had a tremendous impact on both Vestas and the wind energy industry as a whole, and has been instrumental to creating Vestas’ strong financial foundation and market-leading position. Having known Marika professionally and privately for almost nine years, both as CEO and member of the Board, has been an absolute privilege, and with Marika looking to focus on her board positions, we are delighted that we have such a strong successor in Hans Martin Smith who I look forward to welcoming to Executive Management. Besides a long and diverse career in Vestas, Hans has all the capabilities and the character to succeed Marika and help us continue our journey towards becoming the global leader in sustainable energy solutions.”

Hans Martin Smith joined Vestas in 2004. Before becoming CFO of Vestas Northern & Central Europe (NCE) in 2018, Hans grew through the ranks of Vestas serving various leadership positions in several finance areas, including Head of Group Treasury & Investor Relations, as well as leadership roles in Corporate Strategy and Technology. During his time as CFO of Vestas NCE, Hans has played a key role in Vestas NCE’s growth from a EUR 3bn business to around EUR 7bn in 2021. As part of this journey, Vestas NCE has with Hans as CFO strengthened its market-leading position in core markets across Central and Eastern Europe, Scandinavia and Sub-Saharan Africa, as well as integrated the offshore activities after the acquisition of MHI Vestas Offshore Wind.

Marika Fredriksson, Chief Financial Officer, says “It is a fundamentally different Vestas that I will be leaving in late February compared to the Vestas I joined almost nine years ago. It has been a tremendous journey both for the company and me personally, and I want to thank all the great colleagues and partners I have had the pleasure to work with through this exciting period. Nonetheless, I’m really looking forward to focusing more on my board positions and with Vestas and the industry entering a new phase, I’m delighted that Hans has accepted to succeed me. I have worked closely with Hans for most of my time at Vestas and I’m confident his industry knowledge, financial prowess and broad experience will make him a great successor and member of Executive Management. Lastly, I also want to thank the Chairman, Bert Nordberg, and the three different CEOs I worked with for our great collaboration.”

Since becoming CFO of Vestas NCE, Hans has worked out of Vestas’ Hamburg offices, and will therefore relocate with his family to Copenhagen. A successor for Hans Martin Smith as CFO of Vestas NCE will soon be appointed to ensure a successful handover.

Contact details
Vestas Wind Systems A/S, Denmark

Mathias Dalsten, Vice President
Investor Relations
Tel: +45 2829 5383

Anders Riis, Vice President
Tel: +45 4181 3922