The chief executive officer of Danish energy company Ørsted, Mads Nipper, is stepping down from his position as group president and CEO amid turbulent times for his company and the wind power industry at large.
Today, Ørsted’s Board of Directors appointed Rasmus Errboe, current deputy CEO and CCO, as new group president and CEO. The moves will be effective tomorrow, February 1.
“The renewable energy market has fundamentally changed since January 2021,” observed Lene Skole, chair of Ørsted’s board of directors. “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.”
Earlier this month Ørsted announced it had suffered a $1.7 billion impairment in its U.S. business in Q4 2024. Shares dropped double digits on the news; Ørsted’s stock has been devalued by more than 80% since Nipper took over as CEO in January 2021. In late 2023, the developer wrote off $4 billion on two New Jersey wind projects.
Under Nipper’s watch, Ørsted increased its installed renewable capacity from 11.3 gigawatts (GW) in 2021 to 18.2 GW in 2025. He was tasked with navigating a portfolio of legacy projects plagued with unforeseen problems, from construction delays to tepid legislative waters in the United States that might pause Ørsted’s stateside plans until after the current Trump administration.
He said the chance to lead Ørsted through four challenging, yet rewarding years was “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,” Nipper added.
Rasmus Errboe joined Ørsted in 2012 and became a member of executive management in 2022. Before being appointed deputy CEO and chief commercial officer, Errboe held the positions of interim group CFO, regional head of Europe, regional head of continental Europe, CFO for the offshore business unit globally, and head of Ørsted’s Group M&A department, and he was overall responsible for the IPO of Ørsted in 2016 and the divestment and carve-out of Ørsted’s Oil & Gas business in 2017.
Errboe is a member of the executive board, registered as an executive of Ørsted A/S with the Danish Business Authority, and a member of the main board of the Confederation of Danish Industries (DI). He holds a Master of Law from Copenhagen University in Denmark and an MBA from the University of San Diego in California.
“I’m honored and humbled to step into the role of CEO of a company I’ve proudly served for the past 13 years,” said Errboe. “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.”
“He has a deep understanding of our business and an extensive knowledge of the energy industry,” Skole surveyed. “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.
Ørsted will publish its annual report for 2024 on February 6, 2025.