Group CFO Lars Vestergaard left FLSmidth

FLSmidth Group, the largest supplier of equipment and services for cement and mining enterprises, announced management changes. The company's board of directors unanimously decided that it was time for Lars Vestergaard to leave the post of financial director of the FLSmidth group.

“We appreciate Lars Vestergaard’s commitment and dedication to FLSmidth. We have created a stronger and focused organization. We wish to thank Lars Vestergaard for his contribution to these important milestones,” said Vaun Sørensen, Chairman of the Board of Directors and Thomas Schulz, CEO of the holding.

The group's net profit for 2018 amounted to 635 million Danish kroner (84.9 million euros at the exchange rate for November 2019). In 2014, this indicator reached 813 million kroons, after which it began to decline, and in 2017, it reached the lowest mark of 74 million kroons in five years. Comparative data of three-quarter reports for 2018-2019 show a positive trend: this year, FLSmidth's net profit for the nine months increased from 162 million to 190 million Danish kroner.

Lars Vestergaard was appointed financial director on April 1, 2014, having worked for 10 years at the Carlsberg Group in managerial positions, including a position of vice president. The company has not yet announced who will act in place of Mr. Vestergaard.