Management Change at Ørsted: Mads Nipper Steps Down as Ørsted CEO, Succeeded By Rasmus Errboe
Fredericia, Denmark - The Danish energy group and offshore specialist is parting ways with its previous CEO Mads Nipper in the current tense market environment. Nipper will be succeeded by the current Deputy CEO and Chief Commercial Officer Rasmus Errboe, who will be appointed as the company's new Group President and CEO.
Nipper, who joined Ørsted in January 2021, will step down as CEO on February 1, 2025, at which time Errboe will assume the role of Group President and CEO.
“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, ranging from supply chain bottlenecks, interest rate increases, to a changing regulatory landscape, mean that our focus has shifted. Therefore, the board has today agreed with Mads Nipper that it’s the right time for him to step down and the board has appointed Rasmus Errboe to take over as CEO,” comments Lene Skole, Chair of the Ørsted Board of Directors, on the change at the top of the energy group.
Ørsted, like other companies in the offshore sector, has been confronted with negative factors such as rising costs, supply chain problems and higher interest rates for some time. Added to this are problems in the US offshore market, which have led to project delays and impairments. Furthermore, under the new US President Donald Trump, the outlook for the industry in the USA has deteriorated considerably.
As Deputy CEO and CCO as well as former Regional Head for Europe and former CFO for the global offshore business, Ørsted says Errboe has a deep understanding of the Group's business and extensive knowledge of the energy industry. “I’m therefore convinced that Rasmus is the right person to lead the company through the challenges facing the industry and Ørsted. Together with the Board of Directors, I look forward to collaborating with Rasmus on ensuring strong results for Ørsted,” Skole welcomes the new CEO.
“Ørsted has a strong foundation with unique capabilities, and I’m looking forward to taking the lead on the transformation necessary to navigate the headwinds that Ørsted and our industry currently face. Offshore wind remains crucial for the green transition, and we’re deeply committed to pursuing our vision of a world that runs entirely on green energy,” says Errboe optimistically about his new area of responsibility.
Ørsted will publish its annual report for 2024 on Thursday, February 6, 2025.
The Ørsted share is moving with little momentum today. The share price is currently up slightly by 0.2 percent at EUR 37.23 (12:57 p.m., January 31, 2025, Stuttgart Stock Exchange).
Source: IWR Online, 31 Jan 2025