Danish turbine manufacturer Vestas Wind Systems AVS had been unprofitable in the last two years. After it incurred losses which were worse than expected, the company replaced its current chief executive officer.

Anders Runevad will take over the seat from previous CEO Ditley Engel on September 1. Engel had been working at Vestas since 2005. The move was even after the turbine maker's second quarter margins narrowed. The company said that hiring Runevard from Ericsson AB, was according to its planned changes in the company. Vestas increased the most in the last three months in the Copenhagen trading.

According to a statement from the company's chairman Bert Nordberg, now is the time to make necessary changes as the company entered a new phase for Vestas' to increase its growth potential. Nordberg took a seat in Vestas last year after working in Sony Ericsson, the Ericsson venture where Anders Runevad previously worked.