Ørsted Replaces CEO Amid Turbulent Times for Offshore Wind Industry

Ørsted, the world’s leading offshore wind developer, has announced the replacement of its CEO [1], Mads Nipper, amid challenging times for the wind power industry. Nipper, who took over as CEO in January 2021, will step down on February 1, 2025, and will be succeeded by Rasmus Errboe, the current deputy CEO and chief commercial officer.

The decision comes as Ørsted faces a series of obstacles, including supply chain bottlenecks, rising interest rates, and regulatory uncertainties, particularly in the U.S. market. These challenges have significantly impacted the company’s financial performance, with shares dropping by more than 80% since Nipper’s appointment.

Lene Skole, Chair of Ørsted’s Board of Directors, stated, “The renewable energy market has fundamentally changed since January 2021. The impacts on our business of the increasingly challenging situation in the offshore wind industry mean that our focus has shifted.” She added that the board agreed with Nipper that it was the right time for him to step down.

Errboe, who joined Ørsted in 2012, has held various leadership roles within the company, including interim group CFO and head of Ørsted’s Group M&A department. He expressed his commitment to navigating the company through the current headwinds and driving the necessary transformation.

Despite the difficulties, Nipper highlighted the significant milestones achieved during his tenure, including increasing Ørsted’s installed renewable capacity from 11.3 GW in 2021 to 18.2 GW in 2025. He thanked his team for their efforts and dedication and wished Errboe and the team the best of luck.

Sources: 

[1] Global wind developer replaces CEO amid turbulent times for turbines

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