Orsted fires CEO and appoints a company insider to be the new boss

Orsted, a Danish renewable energy company, announced on Friday that its CEO Mads Nippon would step down. He will be replaced by Rasmus Errboe, a company insider. The move is intended to revive the company whose shares have plummeted 83% since their peak in 2021.

Lene Skole, Orsted's Chairperson, said that the challenges faced by the offshore wind industry have shifted their focus.

She added, "Therefore the board today decided with Mads that now is the time for him step down."

Over the last few years, the former oil and gas firm has had to take large write-downs due to its struggles with rising costs and delays.

Orsted, once a favorite of green investors, had a market value of $15.1 billion as of Thursday's closing. This is a far cry compared to its peak price in January 2021 when it reached $93.9 billion, according LSEG Datastream.

Errboe

Orsted released a statement confirming that will be taking over the reins on February 1, 2019.

He was previously interim CFO, head of Orsted’s Europe region. He was appointed deputy CEO of Orsted in March 2024. This appointment came as part of Orsted’s new business plan which included trimming investment and capacity goals. (Reporting and editing by Terje Solsvik, Stine Jacobsen)

(source: Reuters)