Henrik Poulsen has resigned as chief executive of Orsted after eight years, stepping down by 31 January 2021 at the latest.
The Orsted board of directors has initiated a process to identify the company’s next CEO.
Orsted said Poulsen will be nominated for the company’s board of directors at the next annual general meeting in March 2021.
Poulsen said: “It’s been an incredible ride over the past eight years, and I have a tremendous amount of affection for Orsted, its vision, and not least its people.
“Together, we’ve transformed a Danish utility predominantly based on fossil fuels into a global leader in green energy, which was ranked as the world’s most sustainable company earlier this year.
“In the process, we’ve increased the market value of the company by several hundred per cent.
“We’re now at a point where the transformation is completed, and we’ve built a strong platform for global growth.
“I’ve concluded that it’s the right time for me to step down and free up time to pursue other challenges.
“It’s been difficult to reach this conclusion, but it’s nonetheless the right decision.
“I owe a lot of gratitude to the board of directors and group executive management for their support and confidence – and to all Orsted team members for what they’ve done for the company during my tenure.”
Orsted chairman of the board of directors Thomas Thune Andersen said: “Henrik has led a profound and highly successful transformation of Orsted over the past eight years, and on behalf of the board, I’d like to express our sincere gratitude and appreciation for the remarkable results he’s spearheaded together with the entire Orsted team.
“We regret his decision to resign as CEO of Orsted, but we, of course, respect his wish to free up more time for other activities.
“We’re pleased that Henrik has accepted our offer to nominate him for Orsted’s Board of Directors at the AGM in March 2021.
“An appointment to the board will ensure that his vision, skills, and industry experience remain available to Orsted, and it will provide a strong continuity in the governance and management of the company.
“With Henrik’s decision to step down as CEO by 31 January 2021 at the latest, the board of directors has initiated a process to identify the next CEO of Orsted.
“The board will evaluate both internal and external candidates, with a focus on finding the best candidate for the job. We’ll make an announcement once the process has been completed.”
Poulsen added: “I’ve not made any decisions about my future plans. I’ll find other challenges where I can make a contribution.
“Time will show where, when, and what type of role. Before opening a new door, I want to make sure that I leave my current role in an orderly fashion and without missing a beat.
“For now, my focus will remain solely on Orsted. And I’m very happy to accept the Board’s nomination for the Orsted Board at the AGM in March next year.
“An appointment will allow me to remain part of the fabulous Orsted team and support the company’s continued strategic development.”
Orsted said the announcement does not change its financial guidance for 2020 nor the announced expected investment level for 2020.