Energy
Orsted Replaces CEO After Failure to Turn Around Wind Firm
- Shares have slumped about 80% during Nipper’s tenure
- Errboe may need to carry out a strategic review of the company
This article is for subscribers only.
Mads Nipper will step down as chief executive officer of Danish wind developer Orsted A/S after a series of huge writedowns over the past few years on both sides of the Atlantic and a steep slump in the share price.
He will be replaced by his deputy Rasmus Errboe on Saturday, the company said in a statement. Nipper led the offshore wind giant for four years, but struggled to improve its financial performance after setbacks and surging costs at several of its biggest projects.