Vestas chief executive Henrik Andersen has warned that further layoffs could be ahead for the turbine manufacturer, even as the company reported record revenues of almost €19bn.
In November, Vestas announced plans to cut around 900 office-based roles globally. Speaking to analysts on the company’s fourth-quarter earnings call, Andersen indicated that the restructuring is far from complete.
“The right-sizing of Vestas is of course painful, but on the other hand it is also needed,” he said. “Therefore it’s not the last time you will hear about this, because the continuation of this is not a project way of thinking.
“We are not finished simplifying,” he added. “We’ve just started and scratched the surface.”
Andersen told analysts to expect further efficiency announcements in the coming quarters and years as part of the OEM’s “Operating Model Reset”, a programme aimed at streamlining the organisation and improving execution.
He said the initiative followed feedback from customers that Vestas had become overly complex.
“Customers told us throughout the last year that in some ways we’ve become too complex, too difficult to talk to,” Andersen said.
