Ørsted has appointed Rasmus Errboe as new group president and chief executive, replacing Mads Nipper.
Errboe, the current deputy chief executive and chief commercial officer, will step into his new role tomorrow.
The company said the renewable energy market had “fundamentally changed” since Nipper joined the company in 2021.
Chair of Ørsted’s Board of Directors Lene Skole said: “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.”
Skole said Errboe had been a “valued colleague” in Ørsted since 2012.
“As our deputy CEO and CCO, and former regional head of our European market and former CFO for the global offshore business, he has a deep understanding of our business and an 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.”
Errboe said he was “honoured and humbled” to step into the role of chief executive.
He added: “I have in-depth knowledge of the industry, and together with our skilled employees, I and the rest of the group executive team will work relentlessly to create value for our customers, shareholders, and stakeholders at large.
“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.”
Skole paid tribute to outgoing chief executive Nipper for his achievements while at the helm.
“On behalf of the board, I’d like to thank Mads Nipper for his commitment to Ørsted’s vision and his strong and constructive collaboration with the board.
“Together with his team, Mads has increased Ørsted’s installed renewable capacity from 11.3GW in 2021 to 18.2GW in 2025 while navigating a portfolio of legacy projects and consistently delivering on our EBITDA guidance,” Skole added.
Nipper said: “Leading Ørsted through four challenging yet rewarding years has been a great privilege.
“Despite the obstacles we’ve faced, we’ve achieved many significant milestones, and I’m immensely proud of our colleagues’ efforts and dedication.
“I extend my gratitude to everyone who has supported and believed in our vision, and I wish Rasmus and the team all the best of luck.”