Vestas' CEO to stay; U.S. layoffs expected if PTC is not renewed

03/29/2012 | Reuters · Reuters

Vestas Wind Systems President and CEO Ditlev Engel said he will remain in his position as head of the company amid the selection of a new chairman of the board. He said he believes he can carry out strategic business decisions for the company despite some performance glitches in past months. Separately, Engel also said that Vestas has laid off about 1,000 employees, and more layoffs in the U.S. will come if the renewable energy Production Tax Credit is not renewed.

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