Orsted ousts CEO, appoints company insider as new boss

Denmark's Orsted said on Friday its CEO Mads Nipper would step down and be replaced by company insider Rasmus Errboe in a bid to resurrect the renewable energy company which has seen its shares plummet some 83% from its 2021 peak. "The impacts on our business of the increasingly challenging situation in the offshore wind industry ... mean that our focus has shifted," Orsted Chair Lene Skole said in a statement. "Therefore, the board has today agreed with Mads Nipper that it's the right time for him to step down," she added.

In This Article: COPENHAGEN (Reuters) - Denmark's Orsted said on Friday its CEO Mads Nipper would step down and be replaced by company insider Rasmus Errboe in a bid to resurrect the renewable energy company which has seen its shares plummet some 83% from its 2021 peak. "The impacts on our business of the increasingly challenging situation in the offshore wind industry ..

. mean that our focus has shifted," Orsted Chair Lene Skole said in a statement. "Therefore, the board has today agreed with Mads Nipper that it's the right time for him to step down," she added.

The former oil and gas company has taken big write-downs over the past years as it struggled with soaring costs and delays. Once a green investor favourite, Orsted's market value stood at $15.1 billion at Thursday's close, a far cry from its peak of $93.

9 billion in Jan. 2021, according to LSEG Datastream. Errboe, who comes from a position as deputy CEO and chief commercial officer, will take the helm as of Feb.

1, Orsted said in a statement. He has previously been interim CFO and head of Orsted's Europe region and was appointed as deputy CEO in March 2024 as part of Orsted's new business plan that included trimming the company's investment and capacity targets. (Reporting by Stine Jacobsen, editing by Terje Solsvik).