Suzlon EnergyBSE -1.61 % has appointed Lars Rytter as the chief operating officer of its German Subsidiary, REpower Systems, the loss making wind turbine maker said Monday.
Suzlon announced appointment of two key executives and formation of a new management board for REpower, which is in the process a massive cost cut campaign entailing reduction of up to 750 jobs across the world and implementation of other cost cut measures to achieve savings of about 100 million euros in 2013-14.
Prior to his escalation to the post of COO, Rytter, was responsible for production, purchasing and logistics in REpower.
REpower has also appointed Russell Stoddart as the chief technical officer. He joins REpower from BorgWarner, the international automotive company based in North Carolina,USA, where he was vice president - engineering and sales.
The Tulsi Tanti-promoted wind turbine maker, which has been severely hit by the double whammy of huge debt and slowdown in business, piled up Rs 14,000 crore in debt and has reported losses for the past three years. The company recently received approval to recast debt totalling Rs 9,500 crore under the Corporate Debt Restructuring programme that gives the company a two-year moratorium on principal and interest payments and additional working capital limit that would improve the company's cash position and drive execution.
Suzlon has identified non-critical arms like SE Forge, SE Electricals and its China manufacturing units to for stake sale or complete sell-out. Although some of its bankers are believed to have demanded a stake sale in its German Subsidiary, REpowerSystems, the company has repeatedly denied any plan citing it is a 'jewel in the crown' and critical for company's growth.