Mads Nipper, who has led multinational energy giant Ørsted since January 2021, will be replaced by Rasmus Errboe, the current deputy CEO and chief commercial officer. The company is building the Revolution Wind project off the Rhode Island coast.

Ørsted ( OTCPK:DNNGY) said Friday that CEO Mads Nipper will step down effective February 1, to be replaced by current deputy chief executive and chief commercial officer Rasmus Errboe. Erboe, who joined Ørsted ( OTCPK:DNNGY) in 2012, previously served as interim CFO, regional head of Europe, CFO for the offshore business unit, and head of M&A.

Ørsted’s Board of Directors has appointed Rasmus Errboe, current Deputy CEO and Chief Commercial Officer, as new Group President and CEO of the company replacing Mads Nipper who will step down from his position as Group President and CEO of Ørsted.

Denmark's struggling offshore wind power group Ørsted said on Friday it was replacing its CEO with his deputy as the sector faces an "increasingly challenging situation".